Glenfarne Group has started its search for companies to finance its Texas LNG project, Bloomberg has reported, citing the company. Mizuho Financial Group and Canada’s Imperial Bank of Commerce are advising it.
The news follows the signing of a 20-year LNG offtake deal between Glenfarne and Australia’s Macquarie Group, announced in early December. The deal was for a modest 500,000 tons of liquefied gas annually. The Texas LNG facility will have a total annual capacity of 4 million tons of the superchilled fuel. Earlier in the year, Glenfarne also inked a long-term supply deal with Gunvor, also for half a million tons of LNG annually.
Glenfarne ran into legal trouble last year when the Sierra Club tried to stop the project, alleging that in granting its permit, the Federal Energy Regulatory Commission had overlooked its impact on the climate. FERC, however, stood by its decision, reissuing the permit for Texas LNG.
The Texas LNG project, to be located at the port of Brownsville, is part of the wave of new LNG export capacity that experts expect to cause a glut in global liquefied gas supply by 2030. The United States is leading this wave, although the more cautious experts note that it is unlikely that all projects that are being considered will actually be built.
Meanwhile, U.S. producers of the fuel booked a record year for exports in 2025, with total flows reaching 111 million tons, cementing the country’s position as the world’s top LNG exporter. Europe remained the dominant destination for U.S. LNG as the region continued to replace Russian gas and manage winter demand. About 9 million tons were shipped to Europe in December alone. Turkey sharply increased its purchases late in the year, buying more U.S. LNG in December than the entire Asian market. Asia took 1.23 million tons during the month, while Egypt remained a notable buyer amid domestic supply shortages.
By Irina Slav for Oilprice.com
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