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Texas LNG executes term sheets

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Hydrocarbon Engineering,

Texas LNG Brownsville LLC has announced that it has executed detailed non-binding term sheets with four independent LNG buyers in South East Asia and China.

The term sheets cover a value of 3.1 million tpy. Buyers consist of a mix of state-owned and private entities that currently own, or plan to construct, LNG import terminals in the next few years.

Option rights in the term sheets could increase the offtake volumes to approximately 4 million tpy.

The term sheets provide the commercial foundation for Texas LNG to continue negotiating definitive 20-year long-term agreements (LTAs) and sales and purchase agreements (SPAs).

Vivek Chandra, Founder and CEO of Texas LNG, said: “Despite a very challenging global environment, Texas LNG has demonstrated that its realistic size, ideal location, focus on low costs, and transparency have attracted LNG buyers. Buyers realise the value of procuring LNG directly from the producing source, rather than via intermediaries or portfolio players. Texas LNG is proud to offer a reliable and credible solution for these customers.”

Langtry Meyer, Founder and COO of Texas LNG, added: “Texas LNG is riding the crest of the second wave of US LNG exports. Texas LNG’s smaller size helped secure customers for Phase 1 capacity, which is sufficient to reach FID in 2018. With Phase 1 volumes oversubscribed, Texas LNG is marketing its Phase 2 capacity (a second identical 2 million tpy train), and is confident that it will close out the full 4 million tpy production capacity, for which Texas LNG currently is seeking authorisations from the US Federal Energy Regulatory Commission and the US Department of Energy.”

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