Golar LNG Limited: Fortuna FLNG Offtake Awarded to Gunvor
(Thomson Reuters ONE) -
The Ministry of Mines and Hydrocarbons ("MMH"), Ophir Equatorial Guinea (Block
R) Ltd, OneLNG SA and La Compania Nacional De Petroleos De Guinea Ecuatorial
("GEPetrol") have nominated Gunvor Group Ltd ("Gunvor") as its preferred LNG
Buyer for offtake from the Fortuna FLNG project. All parties have agreed the
principal commercial terms subject to finalising a Sale and Purchase Agreement
("SPA") for the offtake ahead of the Final Investment Decision ("FID") on the
Fortuna FLNG project.
Gunvor is committed to take the full contract capacity of the Gandria FLNG
vessel of 2.2 MMTPA which will be purchased on a Brent-linked, Free on Board
("FOB") basis for a 10 year term. The contract structure allows flexibility for
up to 1.1mmtpa of the Fortuna capacity to be marketed on an alternate basis.
Consequently the agreement gives the Fortuna partners alongside the State of
Equatorial Guinea, the potential to sell volumes to higher priced gas markets
in Africa and beyond, whilst retaining a share in the profits of such onward
marketing.
With the identification of a preferred LNG Buyer now achieved, the last
significant milestone prior to the FID of the Fortuna FLNG project is the
completion of the project funding, with FID remaining on track for 2017.
His Excellency, Gabriel Mbaga Obiang Lima, Minister of Mines and Hydrocarbons
for the Republic of Equatorial Guinea, commented: "The selection of Gunvor sets
a landmark moment in the development of the Fortuna Project. The partnership
with Gunvor also paves the way for the government's objective to deliver
important projects that monetize our gas, promotes local content and brings
world-class petroleum technology to Equatorial Guinea. The Fortuna Project will
target becoming the first choice supplier of LNG for the LNG to Africa
initiative, furthering Equatorial Guinea's leadership position in Africa as an
LNG exporter."
Nick Cooper, Chief Executive of Ophir, commented: "We thank those parties that
participated in the competitive tender process for the offtake and welcome
Gunvor to the Fortuna FLNG Project. Gunvor's involvement is a further addition
to a strong partnership along the Fortuna value chain. Our focus is now on
completing the financing package and debt facility". With Golar's sister vessel,
the Hilli Episeyo, nearing completion and with Petronas FLNG having recently
delivered commercial cargoes, FLNG is now entering the mainstream".
Jeff Goodrich, CEO OneLNG SA commented: "OneLNG, along with the State of
Equatorial Guinea and Ophir, would like to take the opportunity to welcome
Gunvor to the Fortuna family. We look forward to working together to set the new
performance benchmark in FLNG".
FORWARD LOOKING STATEMENTS
This press release contains certain forward-looking statements concerning future
events and Golar's operations, performance and financial condition. Forward-
looking statements include, without limitation, any statement that may predict,
forecast, indicate or imply future results, performance or achievements, and may
contain the words "believe", "anticipate", "expect", "estimate", "project",
"will be", "will continue", "will likely result", "plan", "intend" or words or
phrases of similar meanings. These statements involve known and unknown risks
and are based upon a number of assumptions and estimates that are inherently
subject to significant uncertainties and contingencies, many of which are beyond
Golar's control. Actual results may differ materially from those expressed or
implied by such forward-looking statements. Important factors that could cause
actual results to differ materially include, but are not limited to: the
timeliness of the Hilli Episeyo conversion, commissioning and delivery; Golar's
future revenues, expenses, financial condition and results of operations;
Golar's ability to draw down on existing debt facilities and the amounts drawn
thereon, to refinance debt, to incur additional debt and the terms thereof;
covenants and financial ratios imposed by Golar's debt facilities; Golar's
ability to make additional borrowings and to access debt and equity markets;
customer acceptance and termination dates and extensions of charters; and other
factors listed from time to time in the reports and other documents Golar files
with the United States Securities and Exchange Commission.
New factors emerge from time to time, and it is not possible for Golar to
predict all of these factors. Further, Golar cannot assess the impact of each
such factor on its business or the extent to which any factor, or combination of
factors, may cause actual results to be materially different from those
contained in any forward-looking statement. Golar does not intend to release
publicly any updates or revisions to any forward-looking statements contained
herein to reflect any change in Golar's expectations with respect thereto or any
change in events, conditions or circumstances on which any such statement is
based.
Hamilton, Bermuda
August 21, 2017
Enquiries:
Golar Management Limited: + 44 207 063 7900
Brian Tienzo
Stuart Buchanan
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Golar LNG via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 21.08.2017 - 14:00 Uhr
Sprache: Deutsch
News-ID 557201
Anzahl Zeichen: 6258
contact information:
Town:
Hamilton
Kategorie:
Business News
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