Glenfarne’s Texas LNG pens new offtake deal

Glenfarne Group’s Texas LNG has signed a new heads of agreement to supply liquefied natural gas from its planned 4 mtpa LNG export terminal in the port of Brownsville.

According to a statement by Glenfarne, Texas LNG entered into the deal with a “top-tier credit-rated market participant” for a long-term LNG free-on-board sale and purchase agreement for 0.5 mtpa of LNG.

Glefarne did not reveal the name of the buyer.

Texas LNG is in “advanced negotiations with several potential offtakers” for the remaining volume of the project, it said.

The company expects to begin construction in 2024.

Brendan Duval, Glenfarne’s CEO and founder and co-president of Texas LNG said, “this agreement positions Texas LNG on the verge of full sell out, and we look forward to finalizing our offtake partnerships in the near future.”

Glenfarne recently requested more time from the US FERC to build and place in service its Texas LNG export project.

Texas LNG seeks an additional five-year extension to complete construction and place the project in service until November 22, 2029.

In April, Texas LNG executed heads of agreements with EQT Corporation anticipating a definitive 15-year LNG tolling agreement, and with Gunvor for a 20-year LNG tolling agreement for part of the project’s capacity.

These two deals total 2.5 mtpa of LNG.

Besides these deals, 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.

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