The contract from Sociedad Portuaria El Cayao (SPEC) is for an LNG import terminal in Cartanega and is subject to approval of licenses. Höegh LNG said the contract was for 20 years, although this could be revised to five, 10 or 15 years, with SPEC confirming the initial contract term before the start of operations expected in mid-2016.
The contract is expected to generate average yearly EBITDA of $40-$45m depending on its length. Höegh LNG will employ its only non-contracted FSRU, which is currently under construction.
“We are delighted to have been awarded the contract with SPEC for the new LNG import terminal in Colombia and are looking forward to complete and start up the project together with our client,” said Sveinung JS Støhle, ceo of Höegh LNG.
“Through this agreement we are providing SPEC with the latest and most efficient FSRU regasification technology available in the market, and are committed to the success of the project.”
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