September 25, 2024 [Yahoo Finance]- Excelerate Energy, Inc. (NYSE: EE) (the “Company” or “Excelerate”), a leading provider of floating storage and regasification units (FSRUs) and liquefied natural gas (LNG) solutions, and PetroVietnam Technical Services Corporation (PTSC), a subsidiary of Vietnam Oil and Gas Group (PetroVietnam) and the leading provider of oil & gas and industrial services in Vietnam, have signed a strategic partnership agreement to jointly study FSRU based technical solutions for LNG imports into Vietnam.
Through this strategic alliance, Excelerate and PTSC will leverage their unique strengths and combined resources to deliver affordable and reliable energy solutions that address Vietnam’s growing energy demands while supporting the country’s transition to carbon neutrality.
Under the partnership agreement, the two companies will conduct joint feasibility studies to assess the viability of FSRU opportunities in Vietnam. The studies aim to optimize existing natural gas infrastructure and augment domestic supply with regasified LNG to help meet the growing demand for natural gas and stimulate the development of a regional gas market.
“Signing this agreement marks a significant milestone in the collaboration between Excelerate Energy and PetroVietnam Technical Services Corporation,” said Steven Kobos, President and CEO of Excelerate. “We are committed to working together to address Vietnam’s energy challenges and contribute to the country’s sustainable development.”
The strategic partnership with PTSC is an important next step in the Company’s broader strategy to invest in the rapidly growing Vietnamese LNG market. In June 2024, Excelerate signed a term sheet with ITECO Joint Stock Company, a Vietnamese based private development company, to co-develop a greenfield LNG import terminal in Hai Phong, Vietnam.
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