Golar and ExxonMobil in LNG Deal

By Aiswarya Lakshmi
Saturday, March 05, 2016
Image: Golar LNG Limited

 Golar GenPower has signed a framework agreement with US energy giant ExxonMobil Titan LNG for the supply of liquefied natural gas (LNG) to the Porto de Sergipe project in Brazil. 

 
Golar LNG is developing the 1,500 MW gas-fired power project in the Brazilian state of Sergipe through its joint venture of its UK-based unit the LNG Power and GenPower Participações.
 
While there is no confirmation yet on where the LNG will come from, the deal coincides with the start of US LNG exports just a few days ago. Golar did not reveal the amount of chilled gas ExxonMobil would supply under the deal. 
 
The agreement also establishes a framework for LNG to be supplied exclusively from ExxonMobil for expansion phases and other projects that Golar GenPower is pursuing in Brazil. 
 
The LNG supply is conditional on execution of a fully termed LNG Sale and Purchase Agreement (SPA). Golar GenPower intends to bid at the upcoming 2016 Leilao A-5 Power Auction.
 
This framework agreement is a significant step towards a positive final investment decision on the Porto de Sergipe project which Golar GenPower hope will be the first of several Brazilian opportunities jointly delivered over the coming years.
 

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