CEO of SCT&E LNG returns from trade mission to Panama

CEO and Chairman of SCT&E LNG, Greg Michaels, has returned from a Trade Mission to Panamá where he was a delegate representing business development for the State of Louisiana.

Organized by the Louisiana District Export Council in conjunction with the Louisiana Committee of 100 and the U.S. Commercial Service, the Trade Mission to Panamá was a strategic opportunity for SCT&E LNG to promote its proposed LNG manufacturing and export facility, foster new business opportunities, and enhance relationships with Panamanian officials.

Access to industry principals allowed Michaels to promote his $9.25 billion natural gas liquefaction and export project on Monkey Island in Cameron Parish, Louisiana. Representatives from the Port of South Louisiana, the Port of New Orleans, the Plaquemines Port Harbor & Terminal District, the Port of Caddo-Bossier, and the Port of Lake Charles contributed to a diversified understanding of the role SCT&E LNGs Monkey Island project will play in the U.S. and Latin American transcontinental economy.

As part of the Maritime Tract, Michaels and the Maritime team were invited on a private tour of the Panamá Canal Expansion Project, the largest project at the Canal since the original construction was completed in 1914. With an overall program cost of $5.25 billion, the project will increase the Canals capacity and allow for Post-Panamax vessels to transit the waterway.

As the only nation with ports in two oceans, Panamá will facilitate more cost-effective shipping once the Canal Expansion Project is complete. This is pivotal for U.S. natural gas exporters who will now be able to transport LNG at reduced shipping rates to Asia and other countries located in the Northern and Southern Pacific Ocean. In addition to the SCT&E LNG project on Monkey Island, Michaels also spoke to Panamanian officials about their need for additional power plants and Panamas desire for an LNG terminal. Globally, there is an increased demand for clean burning and efficient natural gas. SCT&E LNG looks to be a key supplier to the growing demand for LNG worldwide.

As a highlight of the Trade Mission to Panamá, SCT&E LNG attended a noteworthy event held between the Maritime Trade Mission Delegates and the Panamá Canal Authority, the Panamanian government agency that manages and operates the Panamá Canal. The meeting included a ceremonial signing of an extension to a Memorandum of Understanding between the Panamá Canal Authority and the Port of South Louisiana aimed at facilitating international trade and generating new business by promoting the all water route between Asia and the U. S. Gulf of Mexico.

Now home from the trip, Michaels is turning his attention to the Private Placement of SCT&E LNG’s highly anticipated Monkey Island Project. He is currently interviewing law firms in California that he plans to retain to write the Private Placement Memorandum (PPM). The goal of the PPM is to raise $40 million dollars and is expected to be completed within the next few weeks. Once the PPM is fully subscribed, it will be followed by an initial public offering.

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Press Release; Image: SCT&E LNG