Excelerate Energy LP, ExxonMobil LNG Market Development Inc (ExxonMobil), and the Republic of Albania (The Ministry of Infrastructure and Energy) recently signed a memorandum of understanding (MOU) to conduct a feasibility study for the potential development of an LNG project in the Port of Vlora in Southern Albania.
Under the MOU, Excelerate will conduct a study to explore the potential of an integrated LNG to power solution that includes developing an LNG import terminal, converting and/or expanding the existing Vlora thermal power plant, and establishing small scale LNG distribution to Albania and the surrounding Balkans region.
“As Albania looks to improve energy security and resilience, we are confident that an LNG solution would provide reliability to the country’s power grid while complementing intermittent renewables and alternative resources,” said Steven Kobos, president and chief executive officer of Excelerate. “We are pleased to work with our partners in developing a reliable and affordable solution for Albania’s energy resilience.”
Home to eight major river systems, Albania relies on hydropower plants, which can become unreliable during times of drought, to supply energy to the country’s 2.8 million residents. LNG would bring reliable, affordable, and cleaner energy to the region and complement Albania’s hydropower-based electricity production.
ExxonMobil, one of the largest natural gas producers in the US and a significant producer of LNG around the world, will lead the charge on identifying opportunities to support the supply of LNG into Albania and the LNG import project, as a project of national strategic importance.
It is expected that the pre-feasibility report will be delivered in 3Q21, while the targeted start-up for the LNG import project could be as early as 2023.
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