Excelerate Energy ( NYSE: EE ) said Monday it signed a memorandum of understanding with Overgas concerning the sale of regasified liquefied natural gas downstream of Excelerate's planned terminal in Albania.
The companies said they will begin negotiations for Overgas to purchase as much as 1B cm/year of regasified LNG for 10 years from Excelerate ( EE ) via the Vlora Terminal and the proposed Vlora-Fier Pipeline, which is expected to interconnect with existing natural gas infrastructure in Europe's Southern Gas Corridor.
Excelerate ( EE ) said the MoU expands the scope of its Vlora Terminal project to include downstream sales of regasified LNG into Europe and has the potential to bring needed supply diversification to Bulgaria and other Balkan and European countries linked to the Southern Gas Corridor.
Noting Excelerate ( EE ) owns ~20% of the world's FSRU fleet and should benefit from Europe's desire to reduce its reliance on Russian natural gas, Wells Fargo recently upgraded the stock to Overweight .
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Excelerate Energy, Bulgaria's Overgas sign gas sale MoU