INTL FCStone Advises LNG Group Panama in Contractors Selection
INTL FCStone announced that the investment banking division of its wholly owned subsidiary, INTL FCStone Securities, Inc., advised LNG Group Panama and its project-level vehicle, Panama NG Power, on the selection of Duro Felguera as the project engineering firm for the construction of a combined cycle gas turbine (CCGT) power plant and LNG storage and regasification terminal. The company has also selected General Electric (GE) as the exclusive equipment supplier for the CCGT power plant. GE will provide its 7FA.05 latest technology gas turbine.
Duro Felguera is a Spanish engineering, procurement and construction contractor, with extensive experience in power plants, industrial plants, ports and fuel storage facilities. Duro Felguera has extensive energy expertise working in projects with some of the biggest technology firms in the power industry. Through Felguera-IHI, a joint venture with IHI Corporation, a Japanese industrial and technology conglomerate, Duro Felguera is also one of the leading turnkey LNG infrastructure developers in the world. Through the selection of GE and its 7FA.05 gas turbines, the project has secured one of the most reliable turbines in the world, delivering increased output and efficiency while ensuring consistency and availability. GE’s technologies will support the project in providing a clean energy source and competitively priced power for Panama. GE’s installed fleet of nearly 7,000 heavy-duty gas turbines is the largest installed base of any gas turbine supplier.
Rounding out the consortium of companies assisting the company on the project will be Tractebel, a subsidiary of GDF Suez Group, acting as the owner’s engineer overseeing all aspects of project development and acting as an extension of the company’s staff during construction, and Arthur J. Gallagher International, dedicated solely to creating tailored risk management and insurance solutions for the project.
Camilo Salomon, Managing Director of INTL FCStone Securities, commented, “LNG Group Panama has assembled a first class consortium of companies with an impeccable track record, capable of delivering on time results. The project recently entered into 20-year power purchase agreements for a total of 550 megawatts, intended to diversify and strengthen Panama’s energy matrix as demand forecasts significant growth.”
LNG World News Staff, September 9, 2013; Image: INTL FCStone