Bulgaria’s Overgas agreed with the Americans for the Supply of 1 billion cubic meters of Liquefied Gas

Energy | July 19, 2022, Tuesday // 15:17|  views

Magnus Commodities

America's Excelerate Energy Inc. and Overgas Inc. announced that they have agreed to work to supply regasified liquefied natural gas (LNG) to the planned terminal in Vlora, Albania. The two companies have signed a memorandum that provides the two countries to agree on the supply of up to 1 billion cubic meters of regasified LNG per year for 10 years.

The project of "Exelerate" for a terminal in Vlora will help the diversification of the blue fuel not only for Bulgaria but also for neighboring countries in the region. The Vlora terminal will be connected to the Trans-Adriatic Gas Pipeline via the Vlora-Fier gas pipeline.

"For many countries in Europe's Southern Corridor, flexible access to LNG is vital to their energy security. Projects like the Vlora LNG Terminal are a response to the urgent energy needs of Bulgaria and other Balkan and European countries connected through the Southern Gas Corridor," commented Oliver Simpson, Vice President "Trade" of "Exelerate".

He points out that the agreement with "Overgas" is "the first in a series that will provide a solution to the lack of diversified supplies in the region.

Svetoslav Ivanov, executive director of “Overgas”, defines the signing of this agreement as a "phenomenal example of progress on the path to energy diversification and energy security in Europe and especially in the Balkans".

"We are pleased to start working with a leading company in the industry like ‘Exelerate’”, emphasizes Ivanov.

The current agreement follows previous memoranda between “Exelerate”, “Snam”, “Albgaz” and between “Overgas” and “Albgaz”, the aim of which is to use the potential for cooperation in the construction of a gas pipeline from the Terminal in Vlora to the other gas infrastructure in Albania.

The Overgas group was established in 1991. "Overgas" is the largest Bulgarian private company in the field of natural gas with leading positions in the development and provision of infrastructure services in the field of gasification. The group's activities cover the entire chain of exploration and development, supply, distribution and sale of natural gas on a single and retail basis. Overgas Inc. AD is the largest independent supplier and participant in the natural gas market. The company was the first to gain access to the infrastructure network, opening the way for market liberalization. Part of the group is "Overgas Networks" - the largest gas distribution company in Bulgaria, which currently provides services to more than 81,000 end customers, owns over 2,500 km of gas pipelines in Bulgaria and has plans for rapid expansion in the near future.

Excelerate Energy, Inc. is a LNG company headquartered in The Woodlands, Texas, USA. Founded in 2003 by George B. Kaiser, Excelerate provides integrated LNG services from floating terminal regasification (FSRU) to LNG delivery infrastructure construction. Excelerate has offices in Abu Dhabi, Antwerp, Boston, Buenos Aires, Chattogram, Dhaka, Doha, Dubai, Ho Chi Minh City, Manila, Rio de Janeiro, Singapore and Washington.

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Tags: LNG, gas, vlora, Bulgaria


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