Cheniere chief says LNG prices need to rise 20% to secure new investments

Charif Souki, the chief executive of Cheniere Energy, said LNG prices need to rise another 20-25% to sanction new projects

Souki told delegates at Singapore International Energy Week that prices of $7-8/m British thermal units (Btu) in Europe and $8-9/m Btu in Asia would be enough to trigger new investment in US LNG expansions, as long as domestic prices, which are tied to LNG sales deals, remain stable. He added that current LNG prices are not sustainable. Prices of spot LNG delivered to markets in northeast Asia averaged $6.70/m Btu for November, data from the latest Platts Japan/Korea marker showed, down 11.1% on October and 53% below prices seen for the same delivery month last year. Peter Coleman, chief executive of Australian LNG developer Woodside Petroleum, which has partnered Cheniere in the US, told th