Uruguay LNG Asks IDB for Loan

The Inter-American Development Bank (IDB) is assessing a USD 200 million loan application for Uruguay’s Gas Sayago offshore GNL del Plata LNG regasification project.

Loan would be used solely for the USD 200 million part of the LNG project. IDB did not rule out financing of the terminal’s floating storage regasification unit (FSRU) in the future, according to IDB documentation, reports BNAmericas.

GDF SUEZ signed a 15-year BOOT (Build, Own, Operate and Transfer) contract with Gas Sayago for LNG storage and regasification services in Uruguay in October.

Located in the Punta Sayago area, close to Montevideo, the offshore terminal, GNL del Plata, will comprise a FSRU and a jetty, protected by a 1.5 km breakwater. The entire capacity of the terminal, which will be capable of receiving LNG carriers up to 218,000m3, will be reserved by the off-taker Gas Sayago.

Development of LNG regasification capacity forms part of Uruguay’s Energy Policy 2005-2030 and has been identified as a priorty by the Government. GNL del Plata is one of Uruguay’s most important infrastructure projects and will contribute positively to a significant change in the country’s energy mix by providing an additional clean fuel source with access to international markets. The project will also reduce the proportion of imported oil in the country’s energy supply.

The LNG terminal will have a long-term storage capacity of 263,000 m3 and regasification capacity of 10 Msm3/day, expandable to 15 Msm3/day. The Shuttle Regasification Vessel GDF SUEZ Neptune will be used as a bridge solution before the delivery of the new-built FSRU contracted to Mitsui O.S.K. Lines. Tractebel Engineering will act as owner engineer during the construction phase.

Earlier this month, Latin America development bank CAF approved an USD 86.2 Million loan for Gas Sayago.

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LNG World News Staff, December 25, 2013; Image: GDF SUEZ