Venture Global, Excelerate pen long-term LNG supply deal

US LNG exporter Venture Global LNG has signed a long-term liquefied natural gas supply deal with compatriot FSRU player Excelerate Energy.

Under the 20-year sales and purchase agreement, Excelerate will buy 0.7 million tonnes per annum of LNG on a free on board (FOB) basis from the Plaquemines LNG facility in Plaquemines Parish, Louisiana, according to a joint statement.

Venture Global is already exporting LNG from its Calcasieu Pass plant in Louisiana, while the company took a final investment decision last year on the first phase of the Plaquemines project with a capacity of 13.3 mtpa and the related pipeline.

The company previously said it had executed the majority of the 20-year sales and purchase agreements (SPAs) for the full 20 mtpa Plaquemines project, including the second phase.

It recently signed SPAs for both Plaquemines LNG and the CP2 LNG export facility with China Gas.

On the other hand, Exclerate operates ten floating storage and regasification units (FSRUs), one of the world’s largest fleets of such vessels. These units are located around the globe, including in Europe.

Excelerate also ordered one FSRU in South Korea last year.

“Venture Global is thrilled to launch this new collaboration with Excelerate, a leader in the FSRU industry, as their inaugural long-term LNG supplier,” Mike Sabel, CEO, of Venture Global, said.

Steven Kobos, CEO of Excelerate, said this agreement is an “important milestone” for Excelerate as the company continues to execute its growth strategy.

“Building a diversified LNG supply portfolio with strong partners like Venture Global will allow us to offer more flexible and cost-effective products to existing and new customers in downstream markets,” he said.

- Advertisements -

Most Popular

India’s Swan Energy waiting on bank approval to finalize Turkish FSRU charter deal

India's Swan Energy is waiting for approval from a consortium of banks to finalize its FSRU charter deal with...

RWE: Brunsbuettel FSRU to start supplying gas to grid next week

German energy firm RWE expects the 170,000-cbm FSRU Hoegh Gannet, which serves the Elbehafen LNG import terminal in Brunsbuettel,...

Shell teams up with Victrol and Sogestran for another LNG bunkering barge

LNG giant Shell has joined forces with a joint venture consisting of Belgium’s Victrol and French Sogestran to build...

More News Like This

Venture Global takes FID on second Plaquemines LNG phase

US firm Venture Global LNG has taken a final investment decision for the second phase of its Plaquemines LNG...

Finland’s Gasgrid cuts planned LNG import slots

Finland's Gasgrid has reduced the number of planned LNG import slots for the April-September period at the country's first...

Excelerate extends Dubai FSRU charter deal

US FSRU player Excelerate Energy has extended its charter deal with Dubai Supply Authority for the 150,900-cbm FSRU Explorer. Prior...

Brazil’s Petrobras says 2022 LNG imports down 74 percent

Brazil’s state-owned energy firm Petrobras reported a 74 percent drop in its liquefied natural gas (LNG) imports in 2022...