Excelerate Energy and Venture Global Announce Sales and Purchase Agreement
Excelerate Energy, Inc. (the "Company" or "Excelerate") (NYSE: EE) and Venture Global LNG announced today the execution of a 20-year LNG Sales and Purchase Agreement (SPA). Under the SPA, Excelerate will purchase 0.7 million tonnes per annum (MTPA) of liquefied natural gas (LNG) on a free on board (FOB) basis from the Plaquemines LNG facility in Plaquemines Parish, Louisiana.
"We are proud to enter this new strategic partnership with Venture Global, which supports our efforts to enhance energy security and accelerate the energy transition by delivering natural gas to our customers worldwide," said Steven Kobos, President and Chief Executive Officer of Excelerate. "This agreement is an important milestone for Excelerate as we continue to execute our growth strategy. Building a diversified LNG supply portfolio with strong partners like Venture Global will allow us to offer more flexible and cost-effective products to existing and new customers in downstream markets."
"Venture Global is thrilled to launch this new collaboration with Excelerate, a leader in the FSRU industry, as their inaugural long-term LNG supplier," said Mike Sabel, Chief Executive Officer of Venture Global. "Their foresight and transformational work to bring much needed energy infrastructure to markets around the globe has enabled countries from Europe, the global south, and the developing world to fuel switch from coal to natural gas while lifting millions out of energy poverty. We look forward to many years ahead of working together as strategic partners to fuel these diverse markets worldwide."