- Bolsters Brazil’s energy security as the country advances its decarbonization efforts
- Maintains Excelerate’s continued presence in the Brazilian energy market
Excelerate Energy has announced that the Company and Petrobras have signed a ten-year contract to charter the floating storage and regasification unit ('FSRU') Sequoia. Under the Time Charter Party and Operation and Services Agreement, which will commence on January 1, 2024, Excelerate will continue to deploy the Sequoia to provide regasification services in Brazil, primarily at the Bahia Regasification Terminal (TR-BA) in Salvador, Bahia.
'Brazil is an excellent market. This Agreement is an important step in furthering Excelerate’s long-term sustainable growth plan in South America,' said Steven Kobos, President and Chief Executive Officer of Excelerate. 'Deploying the Sequoia for 10 more years will position Excelerate well to support Brazil’s efforts to strengthen its energy security. We have been a reliable partner to Petrobras for more than a decade, and we are committed to maintaining that partnership and supporting the energy transition for all Brazilians.'
Since 2012, Excelerate has provided regasification services in Brazil at Petrobras’s LNG import terminals. In addition to the Sequoia, Excelerate’s FSRU Experience is currently providing regasification services in Brazil. Maintaining a continued presence in the Brazilian market is a fundamental part of Excelerate’s strategic position as a reliable backstop to the country’s energy system for which intermittent renewable energy contributes approximately 85 percent.
This Agreement highlights Excelerate Energy’s commitment to using its flexible FSRU fleet to enhance energy security and reliability for its customers around the world. The deal also expands the Company’s core regasification business, which allows for increased visibility to predictable near-term and long-term earnings and cash flows.
Source: Excelerate Energy
