Angola signs agreement with US company to develop natural gas projects

10 June 2019

US company New Fortress Energy LLC plans to finance, build and operate a liquefied natural gas import and gasification terminal in Angola under an agreement signed with three ministries, according to a statement released in New York.

The Memorandum of Understanding signed with the Ministries of Mineral Resources and Oil, Energy and Water, and Finance is also intended to guarantee the supply of natural gas to industrial facilities throughout Angola and to cooperate with the first of the three ministries in developing additional natural gas resources and a liquefaction plant.

The document was signed by the chief executive of the US company Wes Edens and the Minister of Mineral Resources and Oil, following the approval of President João Lourenço, according to the statement released.

“This partnership will supply Angola with natural gas, with the consequent creation of economic and environmental benefits,” said Edens, who added that the country’s transition to a natural gas-fueled economy will “significantly reduce fuel costs and encourage foreign investment ”

New Fortress Energy is a global energy infrastructure company that finances, builds and operates natural gas infrastructure, providing turnkey solutions, and is controlled by a fund managed by a subsidiary of the Fortress Investment Group. (Macauhub)