Glenfarne Energy Transition’s Texas LNG Enters 15-year Tolling Agreement with EQT
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EQT Corporation has entered into a heads of agreement (HOA) for liquefaction services from Texas LNG’s facility in Brownsville, Texas to produce 0.5 million tons per annum of LNG under a 15-year tolling agreement.
“We are proud to welcome EQT as a customer and partner for Texas LNG, with our industry-leading low-emissions facility liquefying US natural gas for global markets,” said Brendan Duval, Glenfarne CEO and founder.
“This is an important milestone for Texas LNG, with additional agreements to be announced in the near-term as we progress towards a final investment decision,” added Duval.
“This HOA with Texas LNG highlights continued momentum behind EQT’s differentiated LNG strategy, which is focused on achieving the best combination of upside exposure and downside risk mitigation. Our tolling capacity gives us direct connectivity to end users of natural gas globally, allowing for end-market structuring flexibility and superior downside protection,” said Toby Rice, EQT president and CEO.
“EQT’s low-cost structure, peer-leading core inventory depth and environmental attributes uniquely position us to compete and win in the global energy arena and we believe the international market will increasingly covet our molecules as a long-duration secure supply source that can drive meaningful emissions reductions via coal displacement,” added Rice.
Final terms remain subject to negotiation of a definitive agreement between the parties. Texas LNG, a subsidiary of Glenfarne Energy Transition, anticipates a final investment decision on the project in 2024, with first cargo deliveries expected in 2028.
Glenfarne, a developer, owner, and operator of energy transition infrastructure, is the majority owner and managing member of Texas LNG. Texas LNG will achieve financial close and begin construction in 2024 commencing commercial operations in late 2027 or early 2028. Glenfarne is also the sole owner and developer of the 8.8 MTPA Magnolia LNG in Lake Charles, Louisiana.
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.
EQT Corporation is a leading independent natural gas production company with operations focused in the cores of the Marcellus and Utica Shales in the Appalachian Basin. They are dedicated to responsibly developing a world-class asset base and being the operator of choice for stakeholders. By leveraging a culture that prioritizes operational efficiency, technology, and sustainability, they seek to continuously improve the way they produce environmentally responsible, reliable, and low-cost energy. They have a longstanding commitment to the safety of employees, contractors, and communities, and to the reduction of its overall environmental footprint.
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