HOUSTON & NEW YORK, July 4 –– Glenfarne Group, LLC (“Glenfarne”) today announced that Glenfarne Global Commodities, LLC (“GGC”), its global LNG marketing and trading business, has executed a Heads of Agreement (“HOA”) with BGN, a privately owned global energy and commodities trading group, for the long-term supply of 1 million tonnes per annum (“MTPA”) of liquefied natural gas (“LNG”).
Under the HOA, GGC and BGN intend to negotiate a definitive 20-year LNG Sale and Purchase Agreement (“SPA”) for LNG supplied from Texas LNG, Glenfarne’s LNG export project in Brownsville, Texas. Final terms remain subject to negotiation and execution of the definitive SPA.
“This agreement with BGN reflects the continued growth of Glenfarne Global Commodities as a global LNG portfolio business,” said Brendan Duval, Chief Executive Officer and Founder of Glenfarne Group. “By pairing LNG production assets with an integrated trading and marketing platform, Glenfarne is creating the flexibility to deliver secure and reliable LNG to customers where demand is growing. We are pleased to partner with BGN and look forward to developing a long-term commercial relationship as we expand our global LNG platform.”
BGN is one of the world’s leading independent energy and commodities trading groups, with a heritage dating back 80 years, and operations spanning more than 120 countries. BGN is active across the entire energy value chain, trading in LNG, LPG, crude oil, refined products, biofuels, SAF and other energy commodities. The HOA provides a foundation for a long-term commercial relationship between GGC and BGN as both companies work to meet growing demand for secure, flexible, and diversified LNG supply.
“Expanding our LNG business is an important part of BGN’s global growth strategy and we’re pleased to have signed this Heads of Agreement with Glenfarne Global Commodities,” said Wael Amer, Group Chief Operating Officer for BGN. “Glenfarne’s integrated LNG platform and growing production portfolio make it a compelling long-term partner who will help us achieve our goals, and meet our customers’ need for reliable, flexible LNG supply.”
GGC was formed to expand Glenfarne’s global LNG capabilities through marketing, trading, and portfolio optimization. With Texas LNG advancing toward final investment decision and Alaska LNG expanding Glenfarne’s North American platform, GGC is positioned to serve customers across Atlantic and Pacific Basin markets with long-term, reliable LNG solutions.