SCT&E LNG CEO to promote liquefaction project in Panama

CEO and Chairman of SCT&E LNG, Greg Michaels, has been invited to attend the Louisiana Business Development Trade Mission to Panama during the week of October 12-17, 2014.

Organized by the Louisiana District Export Council in conjunction with the Louisiana Committee of 100 and the U.S. Commercial Service, the Trade Mission in Panama is a strategic opportunity to foster new business opportunities and enhance partnerships between Panama and the United States.

As a delegate, Michaels will observe firsthand the progress of the Panama Canal expansion, a $5.25 billion project that will double its capacity and allow passage of post-Panamax vessels. Michaels has a keen interest in the passage of LNG vessels through the canal and will hold meetings and discussions with Panamanian officials regarding such.

During the Trade Mission in Panama, Michaels will meet with government officials, industry professionals, and business leaders to promote the $9.2 billion SCT&E LNG liquefaction project scheduled to be built on Monkey Island, in Cameron Parish, Louisiana. SCT&E LNG plans to ship LNG through the canal via large ocean going LNG vessels, thus making this Panama Trade Mission an important and timely event. The Mission forum will advance and expand connections with potential off-takers of LNG by providing business-to-business introductions, meetings and networking with selected foreign participants as well as extensive market access.

Panama currently has no restrictions on the outflow of capital or outward direct investment. Following its accession to the World Trade Organization in mid-1997, Panama opened up trade and lowered tariffs across the board, giving it the lowest average tariff rate in Latin America. While visiting in Panama’s favorable business climate, Michaels will meet with prospective investors interested in the $9.2 billion liquefaction project.

The United States is Panama’s most important trading partner. In 2012 U.S. exports to Panama jumped 20% to $9.9 billion due to Panama’s growing economy. U.S. products are widely used and accepted in Panama and, because of its steady growth, Panama is also in need of clean burning electrical generation. Part of Michael’s itinerary will include meetings regarding potential electrical generation projects and LNG terminals in the region.

Press Release, October 10, 2014; Image: Panama Canal