Floating storage and regasification unit specialist Excelerate Energy has signed up to buy its first LNG volumes.

The US-listed company said it has signed a 20-year LNG sales and purchase agreement (SPA) with US producer Venture Global LNG.

Under the SPA, Excelerate is buying 0.7 million tonnes per annum of LNG on a free-on-board basis from Venture Global’s Plaquemines LNG facility in Louisiana.