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25 min ago 2 min read
Multinational energy firm Shell has announced final investment decision on a liquefied natural gas regasification terminal in The Bahamas.
The investment includes acquiring a 40% stake in New Providence Gas, a joint venture with Sun Oil Holdings – a subsidiary of FOCOL Holdings – which will construct, own and operate a new small-scale LNG terminal at Clifton Pier.
The project will enable the supply of natural gas for power generation, replacing conventional fuel oil and diesel and helping to reduce emissions.
Shell will leverage its US LNG portfolio to provide a ‘secure and reliable fuel supply’.
Tom Summers, Executive Vice-President, Shell LNG Marketing & Trading, said the investment marks an important milestone for the Bahamas and its transition to a lower-emissions energy system.
The project aligns with the government’s ‘new energy era’ policy framework. Currently most of the electricity generation in The Bahamas relies on imported diesel and fuel oil.
gasworld reported on efforts to capitalise on The Bahamas’ LNG potential .
Shell forecasts a to nearly 700 million tonnes per year by 2050.
