Texas LNG Brownsville LLC has signed a heads of agreement (HOA) with Gunvor Group for a 20-year LNG free on board sale and purchase agreement for 0.5 million tonnes per annum (mtpa) from Texas LNG.
The HOA, which is nonbinding, is through Gunvor subsidiary Gunvor Singapore Pte Ltd.
Texas LNG, a subsidiary of Glenfarne Energy Transition, plans to construct a 4 mtpa LNG export terminal at the Port of Brownsville. Texas LNG has previously signed agreements with EQT Corp. and is working in partnership with several companies including Baker Hughes and ABB that total investment of nearly $1 billion in the Brownsville project.
“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.
Kalpesh Patel, co-head of LNG trading at Gunvor, said the group has established itself as 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,” Patel said.
Glenfarne is the majority owner and managing member of Texas LNG. Texas LNG will achieve financial close and begin construction in 2024, with anticipated operations startup in 2028. Glenfarne is also the sole owner and developer of the 8.8 mtpa Magnolia LNG project in Lake Charles, Louisiana.
Recommended Reading
TotalEnergies Acquires Eagle Ford Interest, Ups Texas NatGas Production
2024-04-08 - TotalEnergies’ 20% interest in the Eagle Ford’s Dorado Field will increase its natural gas production in Texas by 50 MMcf/d in 2024.
Technip Energies Wins Marsa LNG Contract
2024-04-22 - Technip Energies contract, which will will cover the EPC of a natural gas liquefaction train for TotalEnergies, is valued between $532 million and $1.1 billion.
Ohio Utica’s Ascent Resources Credit Rep Rises on Production, Cash Flow
2024-04-23 - Ascent Resources received a positive outlook from Fitch Ratings as the company has grown into Ohio’s No. 1 gas and No. 2 Utica oil producer, according to state data.
Sinopec Brings West Sichuan Gas Field Onstream
2024-03-14 - The 100 Bcm sour gas onshore field, West Sichuan Gas Field, is expected to produce 2 Bcm per year.
TotalEnergies Restarts Gas Production at Tyra Hub in Danish North Sea
2024-03-22 - TotalEnergies said the Tyra hub will produce 5.7 MMcm of gas and 22,000 bbl/d of condensate.