Excelerate Energy and PTSC Enter Partnership to Study FSRU Based Solutions in Vietnam

Rhea-AI Summary

Excelerate Energy (NYSE: EE) and PetroVietnam Technical Services (PTSC) have signed a strategic partnership agreement to jointly study FSRU-based technical solutions for LNG imports into Vietnam. The collaboration aims to address Vietnam's growing energy demands while supporting the country's transition to carbon neutrality.

Key points of the agreement include:

• Conducting joint feasibility studies to assess FSRU opportunities in Vietnam
• Optimizing existing natural gas infrastructure
• Augmenting domestic supply with regasified LNG
• Stimulating the development of a regional gas market

This partnership is part of Excelerate's broader strategy to invest in the rapidly growing Vietnamese LNG market, following a term sheet signed in June 2024 with ITECO Joint Stock Company to co-develop a greenfield LNG import terminal in Hai Phong, Vietnam.

Positive

• Strategic partnership agreement signed with PTSC to study FSRU solutions in Vietnam
• Potential to address Vietnam's growing energy demands
• Opportunity to optimize existing natural gas infrastructure
• Expansion into the rapidly growing Vietnamese LNG market

Negative

• None.

Insights

Energy Industry Analyst

This partnership between Excelerate Energy and PTSC marks a significant step towards expanding LNG infrastructure in Vietnam. The focus on FSRU-based solutions indicates a strategic approach to address Vietnam's growing energy demands while supporting its transition to cleaner energy sources. The joint feasibility studies aim to optimize existing natural gas infrastructure and augment domestic supply, which could potentially lead to increased natural gas utilization and the development of a regional gas market. This move aligns with Vietnam's energy transition goals and could position Excelerate as a key player in the country's LNG market. The previous agreement with ITECO for a greenfield LNG import terminal in Hai Phong further underscores Excelerate's commitment to the Vietnamese market. While the immediate financial impact is not quantified, this partnership could lead to substantial long-term growth opportunities for Excelerate in a rapidly expanding market.

Market Research Analyst

The strategic partnership between Excelerate Energy and PTSC is a calculated move to tap into Vietnam's burgeoning LNG market. Vietnam's energy landscape is evolving, with a push towards cleaner energy sources to meet growing demand while reducing carbon emissions. This presents a significant market opportunity for LNG providers. The collaboration leverages Excelerate's expertise in FSRU solutions and PTSC's local market knowledge, potentially giving Excelerate a competitive edge. The agreement to study FSRU-based solutions could lead to multiple project opportunities, expanding Excelerate's footprint in Southeast Asia. Investors should note that while this partnership doesn't guarantee immediate revenue, it positions Excelerate strategically in a high-growth market. The earlier term sheet for an LNG import terminal in Hai Phong further reinforces Excelerate's commitment to Vietnam, indicating a comprehensive market entry strategy.

THE WOODLANDS, Texas--(BUSINESS WIRE)-- Excelerate Energy, Inc. (NYSE: EE) (the “Company” or “Excelerate”), a leading provider of floating storage and regasification units (FSRUs) and liquefied natural gas (LNG) solutions, and PetroVietnam Technical Services Corporation (PTSC), a subsidiary of Vietnam Oil and Gas Group (PetroVietnam) and the leading provider of oil & gas and industrial services in Vietnam, have signed a strategic partnership agreement to jointly study FSRU based technical solutions for LNG imports into Vietnam.

Through this strategic alliance, Excelerate and PTSC will leverage their unique strengths and combined resources to deliver affordable and reliable energy solutions that address Vietnam’s growing energy demands while supporting the country’s transition to carbon neutrality.

Under the partnership agreement, the two companies will conduct joint feasibility studies to assess the viability of FSRU opportunities in Vietnam. The studies aim to optimize existing natural gas infrastructure and augment domestic supply with regasified LNG to help meet the growing demand for natural gas and stimulate the development of a regional gas market.

“Signing this agreement marks a significant milestone in the collaboration between Excelerate Energy and PetroVietnam Technical Services Corporation,” said Steven Kobos, President and CEO of Excelerate. “We are committed to working together to address Vietnam's energy challenges and contribute to the country's sustainable development.”

The strategic partnership with PTSC is an important next step in the Company’s broader strategy to invest in the rapidly growing Vietnamese LNG market. In June 2024, Excelerate signed a term sheet with ITECO Joint Stock Company, a Vietnamese based private development company, to co-develop a greenfield LNG import terminal in Hai Phong, Vietnam.

ABOUT EXCELERATE ENERGY
Excelerate Energy, Inc. is a U.S.-based LNG company located in The Woodlands, Texas. Excelerate is changing the way the world accesses cleaner forms of energy by providing integrated services along the LNG value chain with the objective of delivering rapid-to-market and reliable LNG solutions to customers. The Company offers a full range of flexible regasification services from FSRUs to infrastructure development to LNG supply. Excelerate has offices in Abu Dhabi, Antwerp, Boston, Buenos Aires, Chattogram, Dhaka, Doha, Dubai, Helsinki, London, Manila, Rio de Janeiro, Singapore, and Washington, DC. For more information, please visit https://www.excelerateenergy.com.

ABOUT PETROVIETNAM TECHNICAL SERVICES CORPORATION
PetroVietnam Technical Services Corporation (PTSC), a member of Vietnam Oil & Gas Group (PetroVietnam - PVN), with the solid foundation and the tradition of more than 50 years, going through more than 50 years of establishment, merger, equitization and transformation, PTSC has gradually developed, enhanced its position and become a leading corporation in Vietnam – a big name in the sector of technical services for oil & gas industry and other industries in the region.

PTSC's core businesses are to provide technical services for oil & gas, energy and industrial sectors in which the strategic core services have been professionalized up to international standard, such as: EPCIC for offshore facilities; EPC for industrial plants; FSO/FPSO; offshore supply vessels; geological and subsea surveys; installation, operation and maintenance of offshore facilities; port & supply base; offshore renewable energy and technical manpower supply. For more information visit https://www.ptsc.com.vn.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240923904912/en/

Investors

Craig Hicks

Excelerate Energy

Craig.Hicks@excelerateenergy.com

Media

Stephen Pettibone / Frances Jeter

FGS Global

Excelerate@fgsglobal.com

or

media@excelerateenergy.com

Source: Excelerate Energy, Inc.

FAQ

What is the purpose of Excelerate Energy's partnership with PTSC in Vietnam?

Excelerate Energy (EE) and PTSC have partnered to jointly study FSRU-based technical solutions for LNG imports into Vietnam, aiming to address the country's growing energy demands and support its transition to carbon neutrality.

What specific activities will Excelerate Energy (EE) and PTSC undertake in their partnership?

Excelerate Energy and PTSC will conduct joint feasibility studies to assess FSRU opportunities in Vietnam, optimize existing natural gas infrastructure, and explore ways to augment domestic supply with regasified LNG.

How does this partnership fit into Excelerate Energy's (EE) broader strategy in Vietnam?

This partnership is part of Excelerate Energy's broader strategy to invest in the rapidly growing Vietnamese LNG market. In June 2024, Excelerate also signed a term sheet with ITECO Joint Stock Company to co-develop a greenfield LNG import terminal in Hai Phong, Vietnam.

What are the potential benefits of Excelerate Energy's (EE) partnership with PTSC for Vietnam?

The partnership aims to help meet Vietnam's growing demand for natural gas, stimulate the development of a regional gas market, and contribute to the country's sustainable development and transition to carbon neutrality.