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The contract signed between Petrobras and Excelerate Energy aims to boost the supply of LNG in Brazil
Excelerate Energy, a Texas-based company specializing in liquefied natural gas (LNG), signed a 10-year charter contract with Petrobras, a Brazilian state-owned giant in the oil and gas sector. This contract reaffirms the solid partnership between the two companies and aims to boost the supply of LNG to Brazil, especially at the Bahia Regasification Terminal, located in Salvador. Excelerate Energy has played a crucial role in the Brazilian energy landscape since 2012, providing regasification services at Petrobras' LNG import terminals, according to the Offshore Energy website.
Sequoia: A strategic asset for Excelerate Energy and Brazil
The heart of this agreement is the Sequoia floating storage and regasification unit (FSRU). This gigantic FSRU with a capacity of 173.400 cubic meters joined the Excelerate fleet in June 2020 after being delivered as a new build. The partnership between Excelerate and Petrobras spans more than a decade, and this 10-year agreement is a key step in promoting Excelerate's long-term sustainable growth in South America.
Steven Kobos, president and CEO of Excelerate, commented on the importance of this agreement: “Brazil is an excellent market. This agreement is an important step in advancing Excelerate's long-term sustainable growth plan in South America. Deploying Sequoia for an additional 10 years will position Excelerate well to support Brazil's efforts to strengthen its energy security. We have been a trusted partner of Petrobras for over a decade and are committed to maintaining this partnership and supporting the energy transition for all Brazilians. "
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Expanding Excelerate Energy and ensuring reliable energy for Brazil
Maintaining a constant presence in the Brazilian market is a vital part of Excelerate's strategy as a reliable supplier to the country's energy system. Renewable energy, which accounts for around 85% of Brazil's energy matrix, requires flexibility and security in the supply of LNG. Excelerate has been a reliable partner for Petrobras in this search for reliable power and efficient.
Furthermore, this agreement not only reinforces Excelerate Energy's commitment to Petrobras, but also expands the company's core business in regasification. This not only ensures predictability in profits, but also establishes sustainable cash flows in the short and long term, which is crucial in a constantly evolving energy market.
Last year, Excelerate Energy partnered with South Korean shipyard Hyundai Heavy Industries to build a new FSRU. Scheduled to be delivered in June 2026, this new FSRU will have a storage capacity of 170 thousand cubic meters, further strengthening Excelerate's position in the supply of LNG to Brazil and, by extension, in the global energy market.
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