Excelerate Energy, ExxonMobil, Albania Agree to LNG Terminal Study
Excelerate Energy, ExxonMobil LNG Market Development and the Republic of Albania (The Ministry of Infrastructure and Energy) signed a Memorandum of Understanding to conduct a feasibility study for the potential development of a liquefied natural gas (LNG) Project in the Port of Vlora in Southern Albania.
Under the MOU, Excelerate will explore the potential of an integrated LNG to power solution that includes developing an LNG import terminal, converting and/or expanding the existing Vlora thermal power plant, and establishing small scale LNG distribution to Albania and the surrounding Balkans region.
“As Albania looks to improve energy security and resiliency, we are confident that an LNG solution would provide reliability to the country’s power grid while complementing intermittent renewables and alternative resources,” Excelerate President and CEO Steven Kobos said. “We are pleased to work with our partners in developing a reliable and affordable solution for Albania’s energy resilience.”
Home to eight major river systems, Albania relies on hydropower plants, which can become unreliable during times of drought, to supply energy to the country’s 2.8 million residents. LNG would bring reliable, affordable, and cleaner energy to the region and complement Albania’s hydropower-based electricity production.
Excelerate Energy has delivered reliable and clean energy to various markets, developing and operating 13 LNG terminals. The Vlora project is the latest example of Excelerate’s emphasis on greater integration of services to serve gas and power customers better.
“Supply diversification and the enhancement of supply security are crucial to Albania and to our Balkan neighbors as well,” said Belinda Balluku, The Minister of Infrastructure and Energy. “We are confident that LNG can be the key to achieving these strategic objectives.”
ExxonMobil, one of the largest natural gas producers in the U.S., will lead the charge on identifying opportunities to support the supply of LNG into Albania and the LNG Import Project, as a project of National Strategic Importance.
“While we are at the early stages of exploring this opportunity, ExxonMobil’s global resources and reliable LNG supply chain can help Albania meet its fast-growing demand for natural gas and ensure long-term supply security,” said Ed Austin, ExxonMobil LNG Strategy and Portfolio Manager.
The pre-feasibility report is expected to be delivered in Q3 2021, while the targeted start-up for the LNG Import Project could be as early as 2023.
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