en.Wedoany.com Reported - Glenfarne's commodity division, Glenfarne Global Commodities (GGC), has signed a Heads of Agreement (HoA) with BGN Group (BGN) to negotiate a 20-year liquefied natural gas (LNG) sale and purchase agreement (SPA), involving 1 million tons of LNG supplied from the Texas LNG project.

Glenfarne stated that final terms are still subject to negotiation and the signing of a final SPA. Brendan Duval, CEO and founder of Glenfarne, said the agreement reflects GGC's continued growth as a global LNG portfolio business. By combining LNG production assets with an integrated trading and marketing platform, Glenfarne is creating flexibility to deliver safe and reliable LNG to customers in regions with growing demand. The company expressed pleasure in partnering with BGN and looks forward to developing long-term commercial relationships as it expands its global LNG platform.

BGN is active across the entire energy value chain, trading LNG, LPG, crude oil, refined products, biofuels, SAF (Sustainable Aviation Fuel), and other energy commodities. The statement said the agreement lays the foundation for a long-term commercial relationship between GGC and BGN, as both parties work together to meet the growing demand for "safe, flexible, and diversified LNG supply." Wael Amer, CEO of BGN Group, said expanding LNG operations is a key part of BGN's global growth strategy, and he is pleased to sign this preliminary agreement with GGC.

GGC was established to expand Glenfarne's global LNG capabilities through marketing, trading, and portfolio optimization. Earlier this year, Glenfarne said it is expanding GGC to include offtake of 1.5 million tons per year of LNG from the planned 4 million tons per year export terminal at the Port of Brownsville under the Texas LNG project, which is nearing a final investment decision. US engineering and construction firm Kiewit has just received a limited notice to proceed from Glenfarne's Texas LNG project to advance the latter's planned 4 million tons per year LNG export terminal.

In addition to the Glenfarne-operated Texas LNG project, GGC will also source volumes from the Alaska LNG project. Glenfarne became the majority equity owner of the Alaska LNG project last year and is currently developing it in two financially independent phases to accelerate project execution. The first phase includes a 739-mile (1,287 km) pipeline, while the second phase will add an LNG liquefaction terminal and related infrastructure for exporting 20 million tons per year of LNG.