Overgas and Excelerate Energy with a Memorandum for the Supply of 1 bcm of Gas

The project will diversify gas sources not only for Bulgaria, but also for the region.

The US-based Excelerate Energy, Inc. and Bulgaria’s Overgas AD announced that the two Parties signed a Memorandum of Understanding (“MOU”) in Sofia, Bulgaria on July 14, 2022 relating to the sale of regasified liquefied natural gas (“LNG”) at Excelerate’s planned Vlora terminal in Albania.

Under this MOU, the two Parties will enter into a negotiation for Overgas to purchase up to 1.0 billion cubic meters of regasified LNG annually for ten years from Excelerate or an affiliated entity via the Vlora Terminal and the proposed Vlora-Fier Pipeline which is expected to interconnect with existing natural gas infrastructure in Europe’s Southern Gas Corridor. The MOU expands the scope of Excelerate’s Vlora Terminal project to include sales of regasified LNG into Europe and has the potential to bring much needed supply diversification not only in Bulgaria, but also in neighboring countries in the region.

“For many countries in Europe’s Southern Gas Corridor, flexible access to LNG remains critical to ensuring their energy security,” said Oliver Simpson, Commercial Vice President of Excelerate.

“Integrated LNG projects like the Vlora Terminal are a logical solution for meeting the urgent energy needs of Bulgaria and other Balkan and European countries linked to the Southern Gas Corridor. We look forward to working with Overgas and believe this agreement is the first of several that will address the lack of supply diversity in the region.”

Svetoslav Ivanov, Executive Director of Overgas said, “We are excited to begin working with an industry leader such as Excelerate. The signing of this agreement is a phenomenal example of the EU’s progress towards energy diversification and energy security in the Union, and especially in the Balkans.”

This agreement follows previous MOUs between Excelerate, Snam S.p.A (Snam), and Albgaz Sh.a (Albgaz) and between Overgas and Albgaz to explore potential cooperation for the construction of a natural gas pipeline from the Vlora Terminal to other natural gas infrastructure in Albania.

Established in 1991, the Overgas Group is the biggest Bulgarian private company in the natural gas sector and a leader in developing and providing infrastructure services in the field of gasification. The Group’s main activities cover the whole chain of research and development, supply, distribution and sale of natural gas both on wholesale and retail level. Overgas Inc. AD is the biggest independent supplier and trader on the natural gas market. It is the first company to gain access to the infrastructure network paving the way to market liberalization. Part of Overgas Group is Overgas Mrezhi AD, Bulgaria’s largest gas distribution company, which currently provides service to over 81,000 end customers, owns over 2,500 km of pipeline inside Bulgaria with plans of rapid expansion in the near future.

Excelerate Energy, Inc. is a US-based LNG company located in The Woodlands, Texas. Founded in 2003 by George B. Kaiser, Excelerate provides integrated LNG services: from floating terminals regasification (FSRU) to building LNG supply infrastructure. Excelerate has offices in Abu Dhabi, Antwerp, Boston, Buenos Aires, Chattogram, Dhaka, Doha, Dubai, Ho Chi Minh City, Manila, Rio de Janeiro, Singapore, and Washington, DC.

Read more here: Excelerate Energy Signs Gas Sales MOU with Bulgaria’s Overgas

Source: bloomberg.com

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