Glenfarne Energy Transition’s Texas LNG and EQT Execute Binding LNG Tolling Agreement
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, and a subsidiary of Glenfarne Energy Transition, LLC (“Glenfarne”), and EQT Corporation (“EQT”) have executed a definitive 20-year tolling agreement for natural gas liquefaction services for 2 MTPA of LNG.
The agreement solidifies the two Heads of Agreement (“HOA”) signed by Texas LNG and EQT earlier this year.
“Glenfarne’s partnership with EQT will bring low-emission natural gas to transitioning and emerging markets, powering the globe’s phase out of legacy, carbon-intensive fuels,” said Brendan Duval, Glenfarne CEO and Founder and Co-President of Texas LNG. “Beyond this partnership with EQT, Texas LNG is actively converting its other HOAs into definitive agreements in preparation for a final investment decision.”
“Converting our HOA with Texas LNG to a definitive tolling agreement brings us one step closer to unleashing EQT’s reliable, low emissions natural gas on the global stage,” said Toby Z. Rice, President and CEO of EQT. “We stand ready to deliver supply to growing LNG markets, helping to strengthen energy security and reduce global emissions via foreign coal displacement.”
More broadly, Texas LNG has also announced offtake agreements for the majority of the project’s remaining offtake. This includes a signed agreement with a top-tier, credit-rated market participant for 0.5 MTPA announced earlier this month.
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 begin construction in 2024 and commence commercial operations in 2028. The Glenfarne Energy Transition LNG portfolio also includes the 8.8 MTPA Magnolia LNG export facility under development 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.
Contacts
Kris Cole
pro-texaslng@prosek.com
