Texas LNG Secures 20-Year LNG Sales Deal with Gunvor Group
Texas LNG Brownsville LLC, a subsidiary of Glenfarne Energy Transition LLC, has finalized a 20-year LNG FOB sale and purchase agreement (SPA) with Gunvor Group, facilitated through its subsidiary Gunvor Singapore Pte Ltd.
Under the agreement, Gunvor will purchase 0.5 MTPA of LNG from Texas LNG's upcoming four million tonnes per annum (MTPA) LNG export terminal in the Port of Brownsville, Texas.
“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.
The announcement comes on the heels of Texas LNG's recent LNG tolling agreement with EQT Corporation and strategic partnerships with industry leaders such as Baker Hughes, ABB, and Gulf LNG Tugs of Texas, representing nearly one billion dollars in investment into the project.
Glenfarne Energy Transition, a key player in energy transition infrastructure, serves as the majority owner and managing member of Texas LNG. With financial close expected in 2024 and construction slated to commence, Texas LNG aims to commence commercial operations by 2028.
Additionally, Glenfarne Energy Transition is spearheading the development of the 8.8 MTPA Magnolia LNG in Lake Charles, Louisiana.
“We are pleased to have executed this agreement and become one of the foundation buyers of the Texas LNG project. Gunvor continues to support U.S. 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.
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