Glenfarne Group’s Texas LNG project has signed a definitive 20-year Sales and Purchase Agreement with Macquarie Energy LLC, a subsidiary of Macquarie Group Limited (“Macquarie”), a global trading and financial services group, for 0.5 MTPA of LNG. The agreement converts a previous non-binding Heads of Agreement between the two companies into a binding definitive agreement.
“Our offtake agreement with Macquarie reinforces Texas LNG’s position as one of the most competitive LNG export projects in the world,” said Brendan Duval, Chief Executive Officer and Founder of Glenfarne Group. “Macquarie is a world-class partner, and their participation in our offtake portfolio demonstrates strong confidence in Glenfarne’s ability to deliver a reliable, low-emissions source of U.S. LNG to global markets.”
Michael Bennett, Managing Director in Macquarie’s Commodities and Global Markets business added, “This agreement with Texas LNG reflects our commitment to meeting the diverse energy needs of our clients around the world and adds to the strength of our offering in this space. LNG is a critical component of the global energy mix, providing a reliable and flexible fuel source, and we are proud to work with Glenfarne and Texas LNG to help provide energy supply to regions where demand is rapidly increasing.”
This agreement, along with the three previously announced Texas LNG offtake agreements, brings Texas LNG one step closer to a final investment decision. Texas LNG is a “Green by Design” liquefaction facility designed to significantly reduce operational CO2 emissions. Kiewit has been contracted for final front-end engineering design and to lead the engineering, procurement, and construction of Texas LNG under a lump-sum turnkey agreement.
Thursday, 18 December 2025
Thursday, 11 December 2025
Golden Pass LNG Cool Down Cargo Safely Arrives in Sabine Pass: Cool Down Cargo a Major Step Toward First LNG Production
A cool down cargo of liquefied natural gas (LNG) from Ras Laffan, Qatar has berthed at the Golden Pass LNG terminal in Sabine Pass, Texas – signaling a major step toward first LNG production. This cargo contributes to the next phase of commissioning and start-up activities, representing major progress toward first LNG from the Golden Pass facility.
The cool down cargo will be used to pre-cool the terminal's LNG storage tanks and associated equipment prior to the commencement of LNG production.
Golden Pass LNG expects to begin exporting LNG from Train 1 early in the new year.
The cool down cargo will be used to pre-cool the terminal's LNG storage tanks and associated equipment prior to the commencement of LNG production.
Golden Pass LNG expects to begin exporting LNG from Train 1 early in the new year.
Snam agrees to purchase Igneo Infrastructure Partners’ interest in OLT – Offshore LNG Toscana, and acquire sole control of the company
Snam has agreed to acquire Igneo Infrastructure Partners’ (“Igneo”) 48.2% interest in OLT – Offshore LNG Toscana S.p.A. (“OLT”), operating the FSRU Toscana offshore Livorno. The total consideration of the acquisition, including Igneo’s interest as well as the remaining part of the shareholder loan provided by Igneo to OLT, is equal to approximately EUR126 million.
The transaction is expected to be finalised within the first half of 2026 subject to customary regulatory approvals including obtaining the necessary authorisations under applicable Italian antitrust and golden power regulations. Upon the closing of the transaction, Snam will hold a total stake of 97.3%, resulting in the consolidation of OLT in Snam’s financial statements.
Operating since 2013, OLT contributes to the security of the Italian energy system through the FSRU located about 22 km offshore Livorno with a total yearly capacity of around 5 billion cubic meters (bcm), increased in 2024 from the previous 3.75 bcm, and corresponding to approximately 8% of Italy’s overall gas demand.
“Liquefied natural gas (LNG) provides a key-contribution to the diversification of energy supplies to Italy. As of the end of November 2025, LNG imports in Italy reached 18.7 bcm, meeting approximately one third of overall domestic gas demand, with 205 vessels from more than 10 different countries reaching the five regasification terminals in the country,” commented Snam’s CEO Agostino Scornajenchi. "This transaction is therefore crucial in strengthening Snam's leadership in the LNG business, which today plays a strategic role in guaranteeing Italy's energy security. In a volatile and uncertain global context this allows Snam to significantly diversify natural gas supply routes and sources, ensuring flexibility and continuity of supply towards domestic and international markets, leveraging Italy's strategic geographic position at the crossroads of the main gas flows to Europe," he added.
Gregor Kurth, Partner at Igneo commented “Since our initial investment in 2019, we have worked closely with the OLT management team to strengthen operations, expand the services offered, and advance the company's growth. This has allowed OLT to assume today's critical role in Italy's energy security and sustainable energy integration path while delivering meaningful long-term value. We thank Snam for the trusted and aligned partnership over the past 7 years. We are pleased to deliver a fantastic outcome for our investors, and pass our interest to someone who has always shared our commitment to OLT’s long-term success, which we are certain will continue to flourish going forward.”
OLT has a 2025 Tariff RAB of about EUR700 million, an expected 2025 Adjusted EBITDA, Adjusted Net Income and Net Debt of respectively approximately EUR83 million, EUR25 million and EUR376 million. Implied transaction multiples are around 7.6x on 2025 Adjusted EBITDA and 0.91x on 2025 Tariff RAB. The transaction will be financed by leveraging on the Snam Group's financial flexibility with neutral impact on Snam credit metrics. Snam’s net profit average accretion from the acquired interest is expected at approximately EUR8 million per year over 2026-2029 period.
In addition to OLT, Snam holds controlling or co-controlling stakes in all regulated LNG regasification terminals operating in Italy, including the Panigaglia onshore terminal (100% stake), operating since 1971 near La Spezia, the Adriatic LNG terminal (30% stake), operating since 2009 offshore Rovigo, the Italis FSRU (100% stake), operating since July 2023 offshore Piombino and the BW Singapore FSRU (100% stake), operating since May 2025 offshore Ravenna.
The transaction is expected to be finalised within the first half of 2026 subject to customary regulatory approvals including obtaining the necessary authorisations under applicable Italian antitrust and golden power regulations. Upon the closing of the transaction, Snam will hold a total stake of 97.3%, resulting in the consolidation of OLT in Snam’s financial statements.
Operating since 2013, OLT contributes to the security of the Italian energy system through the FSRU located about 22 km offshore Livorno with a total yearly capacity of around 5 billion cubic meters (bcm), increased in 2024 from the previous 3.75 bcm, and corresponding to approximately 8% of Italy’s overall gas demand.
“Liquefied natural gas (LNG) provides a key-contribution to the diversification of energy supplies to Italy. As of the end of November 2025, LNG imports in Italy reached 18.7 bcm, meeting approximately one third of overall domestic gas demand, with 205 vessels from more than 10 different countries reaching the five regasification terminals in the country,” commented Snam’s CEO Agostino Scornajenchi. "This transaction is therefore crucial in strengthening Snam's leadership in the LNG business, which today plays a strategic role in guaranteeing Italy's energy security. In a volatile and uncertain global context this allows Snam to significantly diversify natural gas supply routes and sources, ensuring flexibility and continuity of supply towards domestic and international markets, leveraging Italy's strategic geographic position at the crossroads of the main gas flows to Europe," he added.
Gregor Kurth, Partner at Igneo commented “Since our initial investment in 2019, we have worked closely with the OLT management team to strengthen operations, expand the services offered, and advance the company's growth. This has allowed OLT to assume today's critical role in Italy's energy security and sustainable energy integration path while delivering meaningful long-term value. We thank Snam for the trusted and aligned partnership over the past 7 years. We are pleased to deliver a fantastic outcome for our investors, and pass our interest to someone who has always shared our commitment to OLT’s long-term success, which we are certain will continue to flourish going forward.”
OLT has a 2025 Tariff RAB of about EUR700 million, an expected 2025 Adjusted EBITDA, Adjusted Net Income and Net Debt of respectively approximately EUR83 million, EUR25 million and EUR376 million. Implied transaction multiples are around 7.6x on 2025 Adjusted EBITDA and 0.91x on 2025 Tariff RAB. The transaction will be financed by leveraging on the Snam Group's financial flexibility with neutral impact on Snam credit metrics. Snam’s net profit average accretion from the acquired interest is expected at approximately EUR8 million per year over 2026-2029 period.
In addition to OLT, Snam holds controlling or co-controlling stakes in all regulated LNG regasification terminals operating in Italy, including the Panigaglia onshore terminal (100% stake), operating since 1971 near La Spezia, the Adriatic LNG terminal (30% stake), operating since 2009 offshore Rovigo, the Italis FSRU (100% stake), operating since July 2023 offshore Piombino and the BW Singapore FSRU (100% stake), operating since May 2025 offshore Ravenna.
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