Glenfarne Group, LLC announced the further expansion of its global LNG commodities platform, Glenfarne Global Commodities, LLC (GGC), to include 1.5 MTPA of LNG from Texas LNG, as well as Alaska LNG offtake volumes determined when customer allocations are finalized in the coming weeks.
This provides GGC and Glenfarne’s LNG projects with commercial flexibility and optionality that benefit from an LNG portfolio serving both the Atlantic and Pacific basins.
The addition of these volumes to GGC’s marketing portfolio reflects Glenfarne’s conviction that the global LNG market will continue to be buoyed by compelling long-term fundamentals, supported by the growth of LNG as a vital fuel to power generation, industries, and data centers, and driven by ongoing geopolitical tensions.
GGC was formed to further develop Glenfarne’s global LNG capabilities, including LNG trading and import into markets Glenfarne serves directly or through subsidiaries. One of Glenfarne’s subsidiaries is one of Colombia’s largest importers of LNG, having imported more than 50 cargos over the last two years while providing a robust commercial offering to domestic natural gas users.
“In a global market increasingly shaped by volatility and rapidly shifting demand, the ability to actively manage and target supply is a competitive advantage,” said Brendan Duval, Chief Executive Officer and Founder of Glenfarne Group. “The expansion of Glenfarne Global Commodities builds on our broader portfolio across LNG, power generation, renewables, and grid stability, giving us the flexibility to serve demand changes across regions and partners with a fully integrated platform.”
GGC has entered into a long-term offtake arrangement with Texas LNG for 1.5 MTPA of offtake capacity to serve Atlantic markets. In addition, Glenfarne anticipates adding offtake from Alaska LNG to GGC’s supply portfolio when Alaska LNG becomes operational in 2031.
GGC’s offtake obligations under the long-term arrangement with Texas LNG will be underpinned by investment grade fundamentals supporting project finance underwriting. The increase in GGC’s capacity was accommodated through an agreement with EQT to amend its long-term offtake from Texas LNG to 0.5 MTPA.
Texas LNG continues to advance toward a targeted second-quarter final investment decision. Glenfarne has received letters from an initial bank group with more than $10 billion in underwriting capacity, nearly double the project’s requirements. This support reinforces the high-quality project financing aspects of Texas LNG in the bank syndication market. Project financing is being led by financial advisors CIBC and Mizuho.
Glenfarne has also executed a lump-sum turnkey engineering, procurement, and construction agreement with Kiewit for Texas LNG and will use Kiewit Offshore Services (“KOS”) in Ingleside, Texas to fabricate the project’s liquefication, pretreatment and pipe rack modules. Glenfarne chose the KOS facility over traditional modular construction yards in China and Southeast Asia, providing a significant investment in skilled U.S. and Texas labor and reducing project risk.
