Venture Global Deep Dive

The UK government is spinning its waiver on imports of Russian refined oil products as "temporary" (and briefing reporters it will be reviewed in 3 months). But the legal text doesn't say that ⤵️. It says the waiver is of "indefinite duration." Of course, as any other waiver, it can be rescinded. But, if so, the legal text says the gov "will endevour" to provide the market with a 4-month notice. So, using the briefing guidance, that's 3 months for a review + 4 months notice = end of 2026. Agree with the gov briefing in one aspect: cock-up.

⛵️Good quarter for Golar LNG $GLNG reporting • EBITDA of $105.5M (+158%) • Net income of $83.6M (+920%) driven by the start-up of Gimi in 2Q25, which is currently producing 20% above contracted levels. 🟢Beyond the numbers, there are tailwinds for signing a fourth FLNG contract and ordering it in 2026, which is what I really think would move the stock beyond its current valuation 🎯Construction of the third FLNG remains on budget and on track to begin operations by the end of 2028 🇦🇷 Progress continues in Argentina with pipeline construction and the signing of the MTPA agreements for Hilli and Mark II

European gas prices are rising again ⚠️ About 20% of global LNG supply remains trapped behind Hormuz. Europe imports are down ~12% compared to this time last year 🇨🇳 There are signs that Chinese LNG demand is recovering 🇦🇺 Strikes threaten output from Australian export plants