Goldman Sachs plots to buy its first gas delivery as it looks to tap into the booming energy market
- The investment bank is seeking to break into liquid natural gas
- Exports from America quadrupled last year to 14.5billion gallons a day
- Analysts believe the market could be as important as the trade in crude oil
City & Finance Reporter for the Daily Mail
Goldman Sachs is plotting to buy a tanker-load of gas
Goldman Sachs is plotting to buy a tanker-load of gas as it eyes new opportunities in the booming energy market.
The investment bank is seeking to turbo-charge its commodities arm by breaking into liquid natural gas, a compressed form of the fossil fuel which is transported around the world by huge ships.
Exports from America quadrupled last year to 14.5billion gallons a day, and analysts believe the market could be as important and lucrative as the trade in crude oil.
Goldman is reportedly bidding to buy its first delivery from Cheniere Energy, which owns a plant in the Gulf of Mexico where the gas exports are compressed.
It would give the bank a foothold in the market at a crucial phase, as lenders vie for new money-making opportunities.