US-based liquefied natural gas (LNG) company Excelerate Energy, Italian energy infrastructure company Snam and Albanian gas operator Albgaz signed a Memorandum of Understanding (MoU) to explore potential cooperation for the construction of a natural gas pipeline from the Albanian Vlora Terminal to other natural gas infrastructure opportunities in Albania.
Under the MoU, the companies will explore joint solutions, which could potentially supply underground gas storage in Albania, providing crucial energy security to the region, says the press statement of Excelerate Energy.
“Leveraging our downstream capabilities and working alongside Albania to explore expanding their access to reliable energy, we are able to take an integral step towards energy security for the country,” stated Steven Kobos, President and Chief Executive Officer of Excelerate.
Snam and Albgaz’s Albanian Gas Service Company could potentially operate and maintain the future pipeline. The planning is expected to begin immediately with representatives from each company forming a coordination team, Excelerate says.
Mario Franchin, Senior Vice President Global Solutions Commercial at Snam underlined that the MOU marks another important step forward in the development of Albania’s energy strategy and Snam is pleased to share its experience and know-how to support the country and Albgaz in its path in the energy transition.
Arber Avrami, CEO of Albgaz highlighted that this is a unique opportunity for Albania to deliver benefits not only from gas transmission activities but also to exploit an important natural asset such as Dumrea underground gas storage.
“This can offer energy security options not only for Albania but also reliable energy supply for international gas networks,” he added.
Earlier this year, Excelerate, along with ExxonMobil and The Ministry of Infrastructure and Energy signed an MoU to conduct a feasibility study for the potential development of an LNG import terminal in the Port of Vlora in Southern Albania.