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GEV extends LOI for CNG vessels at CMIC Raffles

Global Energy Ventures (GEV) has announced the extension of the Letter of Intent (LOI) with Yantai CIMC Raffles Offshore for the construction of four plus four compressed natural gas (CNG) ships.

The contract period will be extended for six months through to 31 December 2020, as well as the Strategic Alliance with CIMC Enric Holdings Ltd.

GEV and CIMC Raffles inked the Letter of Intent in July 2019. The two parties had executed the LOI, with the intention of entering a shipbuilding engineering, procurement & construction (EPC) contract, employing GEV’s CNG Optimum design.

Maurice Brand, executive chairman and ceo of GEV said, “GEV is delighted to further extend the shipyard LOI with CIMC Raffles to the end of 2020. During the past six months our project teams have worked closely with the team at CIMC Raffles to complete important marine engineering work on our priority projects in Brazil and the US.

“This work has taken the base design of the CNG Optimum ship and qualified new designs to include two additional methods for loading gas offshore, and has put the company into a strong position to secure our first project CNG project for multiple applications including Brazil and the US.”

GEV and CIMC Raffles will continue to work on process engineering and areas of detailed design for the entire CNG supply chain as part of the announced Strategic Alliance.

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