In the middle of the warnings of a possible natural gas deficit in the coming years, Frontera Energy announced that it had achieved a Agreement with Gasco to build a liquefied petroleum gas (LPG) import project in Cartagena.
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According to the company, the import project would be located in the Puerto Bahía’s state-of-the-art liquid and dry cargo port terminal in Cartagena, and covers the construction and operation of an LPG project.
“Through the agreement, Puerto Bahía and Gasco will put LPG facilities operational by 2027 to capitalize on growing LPG supply deficit in the Colombian market at a time whenThe LPG market is expected to grow at 4% annually. These supply deficits present a unique opportunity for Puerto Bahía, in partnership with Gasco, to become the strategic destination for liquefied gas imports.“said Orlando Cabrales, CEO of Frontera.
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The company noted that the port has a strategic location and an already established physical infrastructure that facilitates the creation of the import structure. With this, Frontera said that the cheapest molecule could be put on the market.
Orlando Cabrales, CEO of Frontera.
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Additionally, the project This could generate an EBITDA of between US$10 and US$15 million each year for the company, which holds a 99.97% stake in Puerto Bahía. once its target capacity is achieved.
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The agreement between Puerto Bahía and Gasco seeks develop a 20,400-ton cold storage facility that would cost between US$50 and US$60 million in total.which will be shared between both companies, although it is “Puerto Bahia’s contributions are expected to be largely in kind“.
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