Excelerate CEO sees Albania as gateway to European natural gas market
(Bloomberg) — U.S. liquefied natural gas company Excelerate Energy Inc. will supply floating power plants to Albania, hoping the deal will give the company access to the European natural gas market.
Excelerate will provide power barges that will generate electricity and feed the grid in the southeastern European nation. Simultaneously, the company is working with Exxon Mobil Corp. to develop an LNG-to-power project in the Albanian port of Vlora. In partnership with the Albanian public company Albgaz Sha and the Italian Snam SpA, it hopes to use the Vlora LNG project to transport natural gas to neighboring countries.
“It’s a good energy project for Albania,” Excelerate chief executive Steven Kobos said of the floating power plant deal. “We obviously hope that this will lead to the opportunity to deliver natural gas and sell natural gas in Europe from this access.”
Europe is seeking to diversify its natural gas supplies to reduce its dependence on Russia following President Vladimir Putin’s invasion of Ukraine. As the Biden administration plans to export an additional 15 billion cubic meters of gas to Europe this year, any significant increase in LNG supply requires more infrastructure in the United States and in Europe.
Founded by oil billionaire George Kaiser, Excelerate raised $384 million in an initial public offering yesterday. He plans to use part of the proceeds for the Vlora project.
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