Joining forces for Albania LNG project

Excelerate Energy L.P. (Excelerate), ExxonMobil LNG Market Development Inc., and the Republic of Albania signed the MoU. Excelerate will conduct a study to explore the potential of an integrated LNG to power solution that includes developing an LNG import terminal, converting and/or expanding the existing Vlora thermal power plant, and establishing small scale LNG distribution to Albania and the surrounding Balkans region.

“As Albania looks to improve energy security and resiliency, we are confident that an LNG solution would provide reliability to the country’s power grid while complementing intermittent renewables and alternative resources,” stated Steven Kobos, president and chief executive officer of Excelerate.

ExxonMobil will support project

ExxonMobil will lead on identifying opportunities to support the supply of LNG into Albania and the LNG import project.

The pre-feasibility report is expected to be delivered in Q3 2021, while the targeted start-up for the LNG import project could be as early as 2023.

Home to eight major river systems, Albania relies on hydropower plants, which can become unreliable during times of drought, to supply energy to the country’s 2.8m residents. LNG would bring reliable, affordable, and cleaner energy to the region and complement Albania’s hydropower-based electricity production.