JP MORGAN has ventured further into the energy industry by signing an agreement with Chieniere Energy, the liquefied natural gas (LNG) importer.
The agreement will give JP Morgan’s clients access to its Sabine Pass terminal in Louisiana. It is understood the two will share profits from shipping the fuel on behalf of their clients.
“Working with Cheniere’s team dramatically enhances our ability to serve our energy clients around the world. This agreement complements our existing global gas business and further diversifies the offerings we can deliver across regions,” said Paul Posoli, head of Global Power, Gas, Coal and Emissions at JP?Morgan.
Davis Thames, president of Cheniere Marketing, said: “We are excited to broaden our relationship with JP Morgan.”
Banks have shown an increasing desire to acquire or partner with commodities companies. Commodity markets have on the whole remained in good health during the downturn. At the end of last year Barclays struck a deal with importer, Excelerate Energy, to market their fuel and JP Morgan paid $1.7bn for a chunk of RBS Sempra Commodities.