Noble bets on LNG with Egypt supplies amid commodity slump

Liquefied natural gas is booming for Noble Group Ltd., the Singapore-listed trader that’s been fending off attacks on its accounting practices amid a commodity price rout.

Noble will “shortly” deliver its first million metric tons of LNG within the first year of operations in the segment, the company said Tuesday in a statement. That’s about how much Portugal buys annually, according to the International Group of Liquefied Natural Gas Importers. The trader won a “significant number of slots” for medium-term delivery in the latest tender to supply Egypt, the fastest-growing market for the fuel, Noble said, without providing the exact number of cargoes.

“The new slots in Egypt are the latest addition to Noble’s fast-growing global LNG business, which also includes cargo deliveries to customers in the Pacific and the Atlantic Basins,” the company said. “Noble has been regularly chartering LNG vessels on the spot market this year as its deliveries continue to grow.”