Business
Jamaica: Samsung wins bid for LNG project
Wednesday, July 25, 2012
South Korean company Samsung has emerged the preferred bidder to develop liquefied natural gas (LNG) infrastructure in Jamaica.
Jamaica has set up a committee that is set to begin negotiations with Samsung, which beat out companies such as Exmar Marine of Belgium and Sener Ingenieria y Sisternas, SA of Spain for the job to develop the floating storage regasification unit and LNG terminal.
The introduction of LNG forms a key element to drive economic growth in Jamaica via slashing electricity costs, currently among the highest in the region.
The initial demand in Jamaica, for LNG is approximately 0.8 million tonnes per year, with future demand projected at 2.5 million tonnes per year by the end of the decade.
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