ENGIE announces the signature of a binding Memorandum of Understanding with Gas Natural Atlántico, under which ENGIE will supply up to 400,000 tonnes of LNG per year from 2018 on a 10-year period at Costa Norte LNG Terminal in the Colon Province, Panama.
Both subsidiaries of AES in Panama, Costa Norte LNG Terminal and Gas Natural Atlántico are currently developing an integrated LNG to power project at the entrance of the Panama Canal, to come on-line in 2018.
The project includes an LNG import terminal with 180,000 cubic meter storage capacity, which will provide natural gas to a 350 MW CCGT. This new Combined Cycle Gas Turbine will contribute to developing and securing Panama’s power demand by complementing the country’s hydro-power generation.
Gérard Mestrallet, Chairman and Chief Executive Officer of ENGIE, commented: “We are pleased to enter into this long-term relationship with AES in Panama, with the perspective of broader common developments in the region in the field of natural gas. We consider natural gas as a key component, alongside the renewable energies, of the energy transition which is currently taking place on a global scale. It is ENGIE’s commitment to foster its expansion worldwide, in particular in the form of LNG as a flexible, clean and competitive energy supply.”
ENGIE is a global LNG player and the main European LNG importer, with a diversified LNG supply portfolio and a fleet of 14 LNG carriers, including two Floating Storage and Regasification Units (FSRU). ENGIE constantly optimizes its LNG sourcing and shipping portfolio both to manage long term commitments and short term opportunities. The Group owns and operates several LNG terminals around the world.
ENGIE develops its businesses (power, natural gas, energy services) around a model based on responsible growth to take on the major challenges of energy’s transition to a low-carbon economy: access to sustainable energy, climate-change mitigation and adaptation, and the rational use of resources. The Group provides individuals, cities and businesses with highly efficient and innovative solutions largely based on its expertise in four key sectors: renewable energy, energy efficiency, liquefied natural gas and digital technology. ENGIE employs 154,950 people worldwide and achieved revenues of €69.9 billion in 2015. The Group is listed on the Paris and Brussels stock exchanges (ENGI) and is represented in the main international indices: CAC 40, BEL 20, DJ Euro Stoxx 50, Euronext 100, FTSE Eurotop 100, MSCI Europe, DJSI World, DJSI Europe and Euronext Vigeo (Eurozone 120, Europe 120 and France 20).