Biden's LNG Export EO: Benefits Glenfarne?
Hunter Biden connections to 2 LNG Projects & Xiaopeng Rick Niu
I open this 90-minute video (above) with a classic scene from The Secret of My Success. The route of the car is exactly the one would follow to get to Litchfield, CT. Follow the smell of money. Our video analysis includes a similar journey to upstate New York: home to major actors in the Hunter Biden LNG story.
[Note: I do not condone or want anyone, and I MEAN anyone, involving themselves in this matter towards my discoveries. We are in the midst of a world war (5th gen), and this situation was discovered active from the laptop from hell.
Shine a light on the fact 2 LNG projects are in the hands of foreign actors, whether Chinese or an Australian working for the Chinese. Maybe with an invasion at the Southern Border (by Chinese) & our land and resources assets in foreign hands, maybe others, more oblivious, will see the issues.]
Biden Export LNG EO
Recently, Joe Biden’s EO on halting LNG Export project approvals was painted as a way to appease the climate nuts on the left. In actuality, one believes it seeks to restrict supply and increase supply costs to U.S. competitors - like a brewing war in the Middle East will undoubtedly do that. Qatar might have shipping issues to Europe or incur more costs to achieve that. From an IEA report (page 43-44):
In principle, alternative routes, while longer, provide certainty in scheduling and avoid delays due to congestion on the Panama Canal. For instance, from the US Gulf of Mexico, the journey to Japan via the Suez Canal takes a little over a month, and Africa's Cape of Good Hope route is about 40 days, compared to just over 20 days via the Panama Canal.
In 2023 the number of US LNG cargoes passing through the Panama Canal declined sharply, particularly in Q2 (down 16% y-oy), in favour of alternative routes via the Suez Canal or the Cape of Good Hope. [Due mainly to drought conditions in the Canal region.] Persistent congestion and diversions could lead to longer journeys, a shortage of available vessels and, consequently, higher shipping rates.
In October 2023, to encourage shippers to use its route rather than the Panama Canal, the Suez Canal Authority (SCA) implemented a staggered discount system for LNG tankers sailing from the US Gulf of Mexico to ports east of Egypt, with reductions on canal tolls ranging from 30% for destinations west of Kochi in India, to 70% for Singapore and beyond. However, Suez Canal transit fees for LNG carriers will be subject to a 15% increase in 2024. [My emphasis. Qatar’s location would be impacted.]
EDITED (1/31/24) : ZERO HEDGE ARTICLE ON TENSIONS IN SUPPLY CHAIN
The EO of course noted Biden’s reason was an existential climate crisis:
My Administration is announcing today a temporary pause on pending decisions of Liquefied Natural Gas exports – with the exception of unanticipated and immediate national security emergencies.
During this period, we will take a hard look at the impacts of LNG exports on energy costs, America's energy security, and our environment. This pause on new LNG approvals sees the climate crisis for what it is: the existential threat of our time. [My emphasis.]
The U.S. achieved #1 World LNG export status in 2023 while China achieve #1 World LNG import status. Hmmm? I wonder why.
The Hunter Biden LNG connections are not about 2024…but 2025 and well beyond. My research dug into the laptop as part of the Belt n Road Initiative of China, noting the project never stopped despite Hunter Biden’s screw ups. One key to knowing if this was true: Who was Glenfarne Sponsor LLC?
Unfortunately, after Glenfarne Group/Energy Transition raised $250,000,000 in capital in 2021, they when private on business formation dissolution in March 2023, and no one can see their quarterly reports now. So this is about future largesse, if HB/CEFC people own 22.5% of the company still.
The 2 Glenfarne LNG export projects Magnolia and Texas have been moved forward in the hopper according to Department of Energy’s docket list. On January 11, 2024, Glenfarne signed a MOU with EQT Corp, out of Pittsburgh with TEXAS LNG (Hunter Biden Project #1) . MAGNOLIA LNG (HB #2) is seeking expedited approval - first in line - as the pause will be soon enough made a national emergency. Magnolia will get their FID (final investment decision) and meet their timeline of (page 4):
Magnolia LNG expects to commence commercial operations on or before December 31, 2028.
EQT CEO Toby Z. Rice is a new entry into this equation. A Net Zero pusher, climate change hustler like Brendan Duval, the CEO of Glenfarne/EnfraGen et. al., Toby Rice has made the Atlantic Council and CNBC rounds, including Jim Cramer’s show. Rice has all the clean energy LNG talking points down pat. He should, his company is owned by all the usual suspects:
Rice’s Twitter feed is light and appears curated. Heavy on recent activity, and very light on Tweets in the past.