In the United States, the first of the three Golden Pass units, a large natural gas liquefaction terminal on the Gulf Coast, has started operating. The plant, owned by the Qatari state company QatarEnergy, is worth 10 billion dollars and has a total production capacity of 18 million tons of liquefied natural gas (LNG) per year. The first shipment is scheduled for the second quarter of 2026.
WHO OWNS GOLDEN PASS
QatarEnergy owns 70 percent of Golden Pass; the remaining 30 percent stake belongs to the American oil company ExxonMobil. Before the entry of Vtti and Ikav, ExxonMobil and QatarEnergy held the majority of Terminale Gnl Adriatico (or Adriatic LNG), the company managing the regasification terminal in Porto Viro, near Rovigo.
CAN THE UNITED STATES REPLACE GAS FROM THE PERSIAN GULF?
Golden Pass comes into operation at a critical moment for the global gas market: the blockade of the Strait of Hormuz by Iran is preventing the commercialization of LNG produced by Qatar and the United Arab Emirates, which remains trapped in the Persian Gulf. Qatar even had to suspend production following Iranian attacks on the large Ras Laffan complex.
Despite its size, however, Golden Pass is not able to replace the “lost” LNG supply due to the crisis in the Middle East. Its three units have an annual capacity of 18 million tons, while Qatar – under normal circumstances – exports over 80 million tons and the Emirates about 5 million tons.
– Also read: The United States threatens to cut LNG to Europe
QATAR AND EMIRATES BET ON DIVERSIFICATION
QatarEnergy’s stake in Golden Pass is part of Qatar’s geographical diversification plan, as it is extremely dependent on the Strait of Hormuz: this waterway connects the Persian Gulf to the Gulf of Oman, thus ensuring a link to the Arabian Sea and the Indian Ocean.
The state oil company of the United Arab Emirates, Adnoc, has also focused on the United States to secure alternative marketing channels: recently, it purchased a stake in the Next Decade project for an LNG terminal in Brownsville, Texas.
MEANWHILE, TRUMP APPROVES RUSSIAN OIL TO CUBA…
Also on the energy front, the United States gave the impression of wanting to at least ease the oil trade blockade with Cuba: the measure had been introduced to encourage the fall of Miguel Diaz-Canel’s regime after the capture of Venezuelan president Nicolas Maduro, one of its major supporters. American President Donald Trump had said that Washington would sanction countries sending crude oil to Cuba. Following the interruption of supplies from Mexico, the fuel shortage triggered a severe energy crisis on the island, with serious repercussions on the entire economy and civilian population.
However, last Sunday, President Donald Trump declared that “if a country wants to send oil to Cuba right now, I have no objection, whether it’s Russia or not.” That day a Russian oil tanker, part of the fleet of “shadow vessels” used by Moscow to evade international sanctions, was near the eastern coast of Cuba: it arrived at its destination on Monday.
According to Trump, this shipment will not change things. “Cuba is finished,” he said. “They have a terrible regime, they have terrible and corrupt leadership, and whether or not they receive a ship loaded with oil will make no difference. I’d rather let it in, whether it’s Russia or anyone else, because people need heating, air conditioning, and all the other things they need.”
The American rationale, therefore, seems to be humanitarian. More likely, the Trump administration wants to avoid managing a political and social crisis near its borders – the collapse of the Cuban regime would produce waves of exiles – while it is engaged in the war with Iran.
