MOU signed with the Government of Albania and Excelerate Energy
LNG’s potential for Albania and the Western Balkans
ExxonMobil LNG Market Development Inc., Excelerate Energy, and the Government of Albania (the Ministry of Infrastructure and Energy) have signed a Memorandum of Understanding to work together to assess the commercial, technical and regulatory aspects of an LNG regasification terminal to bring LNG into Albania.
The study will explore the opportunity for an LNG terminal to be located at the Port of Vlora in Southern Albania, the recommissioning and potential expansion of the existing power plant, as well as seeking to understand the viability of a market for small scale LNG.
Albania’s main source of energy comes from Hydroelectric Power which can be intermittent during times of drought. The flexibility of LNG as a fuel makes it a seamless complement to this renewable energy source. LNG enables transportation of natural gas from supply centers to customers safely and cost effectively.
The Minister of Infrastructure and Energy, Belinda Balluku said, “Supply diversification and the enhancement of supply security are crucial to Albania and to our Balkan neighbors as well. We are confident that LNG can be the key to achieving these strategic objectives and to finally provide a solution to the complex Vlora TPP project by choosing the best partners, equipped to deliver a project of such magnitude.”
“LNG enables transportation of natural gas from supply centers to customers safely and cost effectively,” said Ed Austin, Vice President, EM LNG Market Dev, Inc. “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.”
An important part of the MOU is the development of the LNG terminal and analysis of the market opportunity for small scale LNG (ssLNG).
Excelerate President and Chief Executive Officer Steven Kobos stated, “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. We are pleased to work with our partners in developing a reliable and affordable solution for Albania’s energy resilience.”
ExxonMobil is progressing 12 million tonnes per year of low-cost liquefied natural gas (LNG) supply opportunities to meet the growing global demand. This includes potential projects in Papua New Guinea (PNG), Mozambique and in the United States. As one of the largest natural gas producers in the U.S. and a significant producer of LNG around the world, the Company is well positioned to meet the future demand for these resources.
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