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The Contract Signed Between Petrobras and Excelerate Energy Aims to Boost LNG Supply in Brazil
Excelerate Energy, a liquefied natural gas (LNG) company based in Texas, signed a 10-year charter agreement with Petrobras, the Brazilian state giant in the oil and gas sector. This contract reaffirms the strong partnership between the two companies and aims to boost LNG supply to Brazil, particularly 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 Offshore Energy.
Sequoia: A Strategic Asset for Excelerate Energy and Brazil
The core of this agreement is the Sequoia floating storage and regasification unit (FSRU). This massive FSRU with a capacity of 173,400 cubic meters joined Excelerate’s fleet in June 2020, after being delivered as a new build. The partnership between Excelerate and Petrobras extends for over a decade, and this 10-year contract 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 contract: “Brazil is an excellent market. This agreement is an important step in promoting Excelerate’s long-term sustainable growth plan in South America. The deployment of Sequoia for an additional 10 years will position Excelerate well to support Brazil’s efforts to strengthen its energy security. We have been a reliable partner to Petrobras for over a decade and are committed to maintaining that partnership and supporting the energy transition for all Brazilians.”
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Expanding Excelerate Energy and Ensuring Reliable Energy for Brazil
Maintaining a consistent presence in the Brazilian market is a vital part of Excelerate’s strategy as a reliable supplier for the country’s energy system. Renewable energy, which accounts for about 85% of Brazil’s energy matrix, requires flexibility and security in LNG supply. Excelerate has been a reliable partner for Petrobras in this quest for reliable energy and efficiency.
Moreover, this agreement not only strengthens Excelerate Energy’s commitment to Petrobras, but it also expands the company’s core business in regasification. This not only ensures profit predictability 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 for delivery in June 2026, this new FSRU will have a storage capacity of 170,000 cubic meters, further strengthening Excelerate’s position in supplying LNG to Brazil and, by extension, the global energy market.
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