Excelerate’s CEO Sees Albania as Gateway to Europe's Natural Gas Market

(Bloomberg) -- U.S. liquefied natural gas company Excelerate Energy Inc. will supply floating power plants to Albania, hoping that the deal will get the company access to Europe’s natural gas market. 

Excelerate will provide power barges that will generate electricity and buoy the grid in the southeastern European nation. Simultaneously, the company is working with Exxon Mobil Corp. to develop an LNG-to-power project in the Albanian port of Vlora. In partnership with Albania’s state-owned Albgaz Sh a and Italy’s Snam SpA, it hopes to use the Vlora LNG project to move natural gas into neighboring nations. 

“It’s a good power project for Albania,” Excelerate Chief Executive Officer Steven Kobos said about the floating plants deal. “Obviously we hope it will lead to the opportunity to deliver natural gas and sell natural gas into Europe from that access.”

Europe is seeking to diversify natural gas supplies to lower dependence on Russia after President Vladimir Putin invaded Ukraine. While the Biden administration is planning to export additional 15 billion cubic meters of gas to Europe this year, any significant boost to LNG supplies requires more infrastructure to come online in the U.S. and Europe.

Founded by oil billionaire George Kaiser, Excelerate raised $384 million in an initial public offering yesterday. It plans to use some of the proceeds for the Vlora project.

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