NextDecade Corporation (NEXT) stock soared 15.55% in the current-market trading session at the price of $6.91 following a sale and purchase deal with ENN LNG.
NEXT Signed Contract with ENN LNG
On 6th April 2022, NEXT announced signing a twenty-year sale and purchase deal with ENN LNG, a subsidiary of ENN Natural Gas. The agreement aims to supply the company with LNG gas from NEXT’s RLNG project in Texas. As per the SPA, ENN LNG will buy 1.5M MTPA of LNG on a free-on-board basis. The first train will supply LNG and has hoped to commence its commercial operations by 2026. NextDecade expects to make a positive FID on at least two trains of the RGLNG project by the end of 2022.
NextDecade is an energy firm transforming the future of net-zero emissions. NEXT offers cleaner energy worldwide through leading innovation in carbon storage solutions and sustainable LNG. The company is building a MTPA LNG export plant in South Texas with the largest storage and carbon capture facility in North America. NEXT is also cooperating with clients to deploy its proprietary techniques to reduce carbon capture costs and lower carbon emissions.
Current Market Updates
NEXT is looking ahead to a long-term partnership with ENN as it is a leading player in the Chinese energy industry. This agreement highlights the potential of NextDecade’s unique and differentiated approach. The commercial-scale at RGLNG is surging, which is pushing the company towards growth benefits.
This contract guarantees additional volume for the LNG portfolio and helps the company meet the growing market demand for flexible, secure, and clean energy. This deal illustrates the ENN’s objective of promoting the clean energy transition. NEXT looks onward to collaborating with ENN in the upcoming years to strengthen the prime goal of the global energy transition.