Exxon and Excelerate to Study Balkans LNG Project

Excelerate Energy LP has reported that it, along with ExxonMobil LNG Market Development Inc, has signed a memorandum of understanding (MOU) on the 12th March with Albania’s government to conduct a study assessing and evaluating the potential of developing an LNG project in the Balkan country.

 

The pre-feasibility and feasibility study will explore the potential of an integrated LNG-to-power project in the Port of Vlora in Southern Albania, Excelerate noted in a written statement emailed to Rigzone.

 

The firm, which specialises in floating LNG regasification, explained the potential development would entail converting and/or expanding the existing Vlora thermal power plant and establishing small-scale LNG distribution to Albania and elsewhere in the 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,” remarked Excelerate President and CEO Steven Kobos. “We are pleased to work with our partners in developing a reliable and affordable solution for Albania’s energy resilience.”

 

Excelerate pointed out that ExxonMobil will oversee identifying opportunities to support the supply of LNG into Albania. LNG would complement the south-eastern European country’s hydropower plants, which can become less reliable during drought periods, Excelerate noted.

 

“LNG enables transportation of natural gas from supply centres to customers safely and cost effectively,” commented ExxonMobil LNG Strategy and Portfolio Manager Ed Austin. “

 

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.”

 

For Albania, the LNG import project is a matter of national importance.

“Supply diversification and the enhancement of supply security are crucial to Albania and to our Balkan neighbours as well,” stated Belinda Balluku, Albania’s infrastructure and energy minister, who signed the MOU on her government’s behalf.

 

“We are confident that LNG can be the key to achieving these strategic objectives and to finally providing a solution to the complex Vlora TPP project by choosing the best partners, equipped to deliver a project of such magnitude.”

 

Delivery of the pre-feasibility report is anticipated in the third quarter of this year, and the targeted start-up for the LNG Import Project could be as soon as 2023, Excelerate concluded.

 

Source: Rigzone