Glenfarne Energy Transition’s Texas LNG Announces LNG Offtake Agreement with Gunvor Group
HOUSTON & BROWNSVILLE, Texas–(BUSINESS WIRE)–Texas LNG Brownsville LLC (“Texas LNG”), a four million tonnes per annum (“MTPA”) liquefied natural gas (“LNG”) export terminal to be constructed in the Port of Brownsville, Texas, a subsidiary of Glenfarne Energy Transition, LLC (“Glenfarne”), has signed a Heads of Agreement (“HOA”) with Gunvor Group through its subsidiary Gunvor Singapore Pte Ltd (“Gunvor”) for a 20-year LNG FOB sale and purchase agreement (“SPA”) for 0.5 MTPA of LNG from Texas LNG.
“We’re thrilled to welcome Gunvor to our portfolio of customers, connecting Texas LNG, one of the lowest-emitting liquefaction facilities in the world, with global economies in need of reliable, sustainable energy,” said Brendan Duval, CEO and Founder, Glenfarne Energy Transition and Co-President of Texas LNG.
“With the previously announced commencement of the execution phase of the project financing process, this agreement aligns with our plan to take a final investment decision on Texas LNG this year,” said Vlad Bluzer, Co-President of Texas LNG.
“We are pleased to have executed this agreement and become one of the foundation buyers of the Texas LNG project. Gunvor continues to support US LNG export projects, unlocking new supplies for the global energy market and providing energy security especially to our customers in Europe and Asia” said Kalpesh Patel, Co-Head of LNG Trading of Gunvor.
Today’s news follows Texas LNG’s recently announced LNG tolling agreement with EQT Corporation (“EQT”). Texas LNG also recently announced partnerships with Baker Hughes, ABB and Gulf LNG Tugs of Texas. These partnerships total nearly one billion dollars of investment into the project.
Glenfarne Energy Transition, a developer, owner, and operator of energy transition infrastructure, is the majority owner and managing member of Texas LNG. Texas LNG will achieve financial close and begin construction in 2024 commencing commercial operations in 2028. Glenfarne Energy Transition is also the sole owner and developer of the 8.8 MTPA Magnolia LNG in Lake Charles, Louisiana.
About Texas LNG
Texas LNG is a 4 MTPA LNG export facility to be constructed in the Port of Brownsville, Texas and a subsidiary of global energy transition leader, Glenfarne Energy Transition, LLC. Texas LNG is led by an experienced team committed to creating one of the cleanest, lowest emitting LNG export facilities in the world through electric motor drives. Additional information about Texas LNG may be found on its website at www.texaslng.com
About Glenfarne Energy Transition, LLC
Glenfarne Energy Transition is a wholly owned subsidiary of Glenfarne Group, a privately held energy and infrastructure development and management firm based in New York City and Houston, Texas, with offices in Dallas, Texas; Panama City, Panama; Santiago, Chile; Bogota, Colombia; Barcelona, Spain; and Seoul, South Korea. Glenfarne Energy Transition aims to address the “here and now” global energy transition through three core businesses: Global LNG Solutions, Renewables, and Grid Stability. The company’s seasoned executives, asset managers, and operators develop, acquire, manage, and operate energy infrastructure assets throughout North and South America. For more information, please visit www.GlenfarneEnergyTransition.com
About Gunvor Group
Gunvor is one of the world’s largest independent commodities trading houses by turnover, creating logistics solutions that safely and efficiently move physical energy from where it is sourced and stored to where it is demanded most. Gunvor has strategic investments in industrial infrastructure — refineries, pipelines, storage and terminals — that complement our core trading activity and generate sustainable value across the global supply chain for our customers. The company, which in 2022 generated U.S. $150 billion in revenue on 165 million MT of volumes, is the leading independent global trader of liquefied natural gas (LNG).
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