THE WOODLANDS, Texas–(BUSINESS WIRE)–Excelerate Energy, Inc. (NYSE: EE) (“Excelerate”) and Overgas Inc. AD of Bulgaria (“Overgas”) announced today that the two Parties have signed a Memorandum of Understanding (“ MOU”), in Sofia, Bulgaria, on July 14, 2022 in connection with the sale of regasified liquefied natural gas (“LNG”) downstream of Excelerate’s planned Vlora LNG terminal in Albania.
Under this MOU, the two Parties will enter into a negotiation so that Overgas purchase up to 1 billion cubic meters of LNG regasified annually for ten years from Excelerate (or an affiliated entity) through the Vlora terminal and the proposed Vlora-Fier pipeline, which is expected to interconnect with the existing natural gas infrastructure in the South European Gas Corridor. The MoU expands the scope of Excelerate’s Vlora Terminal project to include sales of regasified LNG in Europe and has the potential to provide much-needed supply diversification not only in Bulgaria, but also in neighboring countries in the region. .
“For many countries in the Southern European Gas Corridor, flexible access to LNG remains critical to ensuring their energy security,” said Oliver Simpson, Excelerate Vice President of Business. “Integrated LNG projects like the Vlora Terminal are a logical solution to meet 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, CEO of Overgas, said: “We are excited to start working with an industry leader like 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 memoranda of understanding between Excelerate, Snam SpA (Snam) and Albgaz Sh.a (Albgaz) and between Overgas and Albgaz to explore possible cooperation for the construction of a natural gas pipeline from the Vlora terminal to another natural gas infrastructure in Albania. .
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About Excelerate Energy:
Excelerate Energy, Inc. is a US-based LNG company located in The Woodlands, Texas. Founded in 2003 by George B. Kaiser, Excelerate is changing the way the world accesses cleaner forms of energy by providing integrated services across the LNG value chain with the goal of delivering fast, reliable LNG solutions. to the clients. Excelerate offers a full range of flexible regasification services from FSRU to infrastructure development and LNG supply. 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. For more information please visit www.excelerateenergy.com.
About the Overgas Group:
Established in 1992, Overgas is the largest private Bulgarian company in the natural gas sector and a leader in the development and provision of infrastructure services in the field of gasification in particular. The main activities of the Overgas Group cover the entire natural gas research and development, supply, distribution and marketing chain, both at wholesale and retail levels. Overgas Inc. AD is the largest independent supplier and trader of natural gas in the market. It is the first to have access to the infrastructure network paving the way for market liberalization. Part of the Overgas Group is Overgas Mrezhi AD, the largest gas distribution company in Bulgaria, currently serving more than 81,000 end customers. The distributor currently owns more than 2,500 km of gas pipelines within Bulgaria with plans for rapid expansion in the near future.
Overgas website: https://www.overgas.bg/
Stephen Pettibone / Frances Jeter
Sard Verbinnen & Co.