Glenfarne’s Texas LNG inks long-term supply deal with Gunvor

Glenfarne Group’s Texas LNG, the developer of the planned 4 mtpa LNG export terminal in the port of Brownsville, has signed a long-term supply deal with a unit of Geneva-based trader Gunvor.

Under the heads of agreement, Gunvor Singapore will buy 0.5 mtpa of LNG on a FOB basis for 20 years from Texas LNG, according to a statement by Texas LNG.

Texas LNG said it will achieve financial close and begin construction in 2024 commencing commercial operations in 2028.

The LNG terminal developer recently revealed it has received sufficient expressions of interest from project finance banks to move to the execution phase of project financing.

This new deal follows Texas LNG’s recent announcement that it secured the final permits for the project and also the signing of a heads of agreement with US natural gas producer EQT for natural gas liquefaction services for 0.5 mtpa of LNG.

Texas LNG also previously selected Swiss engineering group ABB and US energy services firm Baker Hughes to supply equipment for its LNG project. It also awarded a tugboat contract to Gulf LNG Tugs of Texas.

These partnerships total nearly one billion dollars of investment into the project, according to the firm.

On the other hand, Gunvor said it continues to support US LNG export projects, unlocking new supplies for the global energy market and providing energy security especially to its customers in Europe and Asia.

Gunvor also recently joined forces with Chesapeake and Delfin LNG for the supply of about 0.5 mtpa from Delfin LNG’s planned floating LNG export project in the Gulf of Mexico.

These volumes will add to the SPA Gunvor signed with Delfin in November last year for up to 1 mtpa.

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