NY-GLENFARNE-GROUP
15.3.2022 00:38:08 CET | Business Wire | Press release
Glenfarne Group, LLC (“Glenfarne”), owner of the Federal Energy Regulatory Commission (“FERC”) permitted Magnolia LNG and Texas LNG facilities, supports the collaboration of the world’s political and business leaders to create a global infrastructure strategy to ensure the world’s energy security in Europe and emerging markets, while accelerating a reliable path forward for the energy transition.
Recent events in Europe stemming from Russia’s invasion of Ukraine and the resulting energy crisis have demonstrated the critical nature of global energy security. Glenfarne reiterates its support for Ukraine and its people and is stepping up its commitment by accelerating efforts to deliver responsibly sourced, environmentally sensible U.S. liquefied natural gas (“LNG”) to commercial partners in Europe.
“At Glenfarne, we believe the world won’t have an accelerated energy transition without energy security. Energy security is therefore a key factor in mitigating the impacts of climate change as well as enhancing the prosperity of economies globally. Governments, development and infrastructure banks, and energy companies need to work together to ensure that no war, conflict, or other threat leaves a continent and the rest of the world at risk of unstable energy supply,” said Brendan Duval, Founder and CEO of Glenfarne Group, LLC.
Vlad Bluzer, Managing Director of Magnolia LNG and Texas LNG, said, “As a Ukrainian, it pains me to see the invasion of a peaceful European nation and disruption of the lives of so many people. I am grateful to be part of the solution helping the European continent achieve energy independence for decades to come by facilitating long term deliveries of responsibly sourced U.S. LNG. These deliveries of LNG can fortify the European continent’s energy stability, and incentivize like-minded governments, banks, and global corporate citizens to invest together to ensure energy security and hasten the energy transition.”
Glenfarne’s FID on its LNG facilities will introduce new LNG capacity into the global market at a time when significant volumes are needed to shore up the increased demand from Europe and Asia. With both LNG facilities, together with its existing grid stability, renewables, and other natural gas infrastructure assets, Glenfarne is committed to energy transition investment that helps grow economies throughout the world.
About Glenfarne Group, LLC
Glenfarne is a privately held energy and infrastructure development and management firm based in New York City and Houston, Texas with offices in Dallas, Texas; Panama City, Panama; Santiago, Chile; Bogota, Colombia; Florianopolis, Brazil; Seoul, South Korea; and Ho Chi Minh City, Vietnam. Glenfarne’s seasoned executives, asset managers, and operators develop, acquire, manage, and operate energy infrastructure assets throughout North and South America and Asia. For more information, please visit www.GlenfarneGroup.com .
About Magnolia LNG
Magnolia LNG is an 8.8 mtpa modularized liquefaction and export facility that is located in the heart of Louisiana’s vast natural gas corridor on the Calcasieu Ship Channel near Lake Charles. It is adjacent to the existing Kinder Morgan Louisiana Pipeline, through which all of its feed gas will be transported. Magnolia LNG is fully permitted by FERC and has both FTA and non-FTA export authorizations from the DOE.
Magnolia LNG will utilize the patented OSMR® liquefaction technology, a low-cost, highly efficient process designed to generate 30 percent lower greenhouse gas (GHG) emissions than other conventional LNG processes.
About Texas LNG
Texas LNG is a 4 mtpa modularized liquefaction export facility that is located in South Texas on the Port of Brownsville’s deep water ship channel with pipeline access to the vast Permian and Eagle Ford gas basins. It is fully permitted by FERC and has both FTA and non-FTA export authorizations from the DOE.
Glenfarne is the majority owner of Texas LNG, and Samsung Engineering Co., Ltd. is an indirect minority equity owner and strategic partner to Texas LNG.
Additional information about Texas LNG may be found on its website at www.txlng.com
View source version on businesswire.com: https://www.businesswire.com/news/home/20220314005571/en/
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