New Fortress Energy LLC (NASDAQ:NFE) (“New Fortress” or the “Company”) announced today that it has signed a memorandum of understanding (MOU) with the Angolan Ministry of Mineral Resources and Petroleum, Ministry of Energy and Water and Ministry of Finance for the development of a liquefied natural gas (LNG) terminal to supply natural gas to Angola for power generation.
Under the MOU, New Fortress would fund, build, and operate an LNG import and regasification terminal and supply gas to power and industrial facilities across Angola and work with the Ministry of Mineral Resources and Petroleum to explore the development of additional indigenous natural gas resources and a domestic liquefaction facility.
The MOU was signed today in Luanda by New Fortress Chairman and CEO Wes Edens and Hon. Diamantino Azeved, Minister of Mineral Resources and Petroleum. The President of Angola also approved the MOU with New Fortress.
“This partnership will provide cleaner, affordable natural gas to Angola, creating significant economic and environmental benefits,” said New Fortress CEO Wes Edens. “With Angola’s transition to a gas economy, significantly lower fuel costs will encourage further investment and directly benefit Angolans. We commend President Lourenço and the government of Angola for their leadership and look forward to building this historic partnership.”
“The signing of this MOU is the first step in moving Angola to become a gas economy,” said Hon. Diamantino Azeved, Minister of Mineral Resources and Petroleum. “This unprecedented event involves the approval of three ministries and is supported by the President of Angola to move the country in a new direction.”
The MOU is non-binding on the parties, and actual terms of any definitive agreement may differ from the terms of the MOU.
Source: New Fortress Energy