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Released July 26, 2024 | SUGAR LAND
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Written by Amir Richani for Industrial Info Resources (Sugar Land, Texas)--New Fortress Energy (NASDAQ:NFE) (New York, New York) is moving forward with its second floating liquefied natural gas (FLNG) unit in Altamira, Mexico, one week after announcing its first gas from the project.
New Fortress announced it has closed a $700 million loan to fully fund the construction of the second FLNG unit. It will be developed in collaboration with the state-owned Comision Federal de Electricidad (CFE). Subscribers to Industrial Info's Global Market Intelligence (GMI) Oil & Gas Production Project and Plant databases can learn more from a detailed project report and plant profile.
According to a statement from New Fortress, the new FLNG unit will incorporate the same proprietary modular technology as FLNG 1 and is expected to be completed by the first half of 2026.
"Our FLNG complex is advancing at a rapid pace as we have now produced LNG at our first unit, and fully financed our second," said Wes Edens, the chief executive officer of New Fortress, in a press release. "These are large infrastructure projects that add considerable financial and operational value to our company and we are thrilled with the progress to date."
The FLNG 1 project in Altamira has a capacity of 1.4 million tons per annum. New Fortress expects to make its first LNG shipment by next month and reach FLNG 1's full production capacity thereafter.
New Fortress initially expected to begin operations at FLNG 1 in the third quarter of last year. In mid-2023, the company received a permit from the Mexican government to export up to 7.8 million metric tons through April 2028, which provided the capacity to support the operations of FLNG 1.
The company also has received authorization from the U.S. Department of Energy to export U.S.-sourced LNG to Mexico and other countries. U.S. natural gas pipeline exports to Mexico in 2023 averaged 6.1 billion cubic feet per day, an increase of 8% year on year, while LNG exports to Mexico stood at 39 million cubic feet per day, according to the U.S. Energy Information Agency.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).
New Fortress announced it has closed a $700 million loan to fully fund the construction of the second FLNG unit. It will be developed in collaboration with the state-owned Comision Federal de Electricidad (CFE). Subscribers to Industrial Info's Global Market Intelligence (GMI) Oil & Gas Production Project and Plant databases can learn more from a detailed project report and plant profile.
According to a statement from New Fortress, the new FLNG unit will incorporate the same proprietary modular technology as FLNG 1 and is expected to be completed by the first half of 2026.
"Our FLNG complex is advancing at a rapid pace as we have now produced LNG at our first unit, and fully financed our second," said Wes Edens, the chief executive officer of New Fortress, in a press release. "These are large infrastructure projects that add considerable financial and operational value to our company and we are thrilled with the progress to date."
The FLNG 1 project in Altamira has a capacity of 1.4 million tons per annum. New Fortress expects to make its first LNG shipment by next month and reach FLNG 1's full production capacity thereafter.
New Fortress initially expected to begin operations at FLNG 1 in the third quarter of last year. In mid-2023, the company received a permit from the Mexican government to export up to 7.8 million metric tons through April 2028, which provided the capacity to support the operations of FLNG 1.
The company also has received authorization from the U.S. Department of Energy to export U.S.-sourced LNG to Mexico and other countries. U.S. natural gas pipeline exports to Mexico in 2023 averaged 6.1 billion cubic feet per day, an increase of 8% year on year, while LNG exports to Mexico stood at 39 million cubic feet per day, according to the U.S. Energy Information Agency.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).
