InterEnergy Holdings has agreed to form a joint venture with BW Gas to build a Liquefied Natural Gas terminal as part of a logistics solution to bring natural gas to the Dominican Republic in San Pedro de Macoris.
As BW’s first Caribbean investment, they are confident in the future of the Dominican Energy Market and the partnership with InterEnergy to bring efficient and economical fuel solution to the country. The strategic move adds to InterEnergy’s investments in the Dominican which include a generation company, 300MW generation facility and integrated utility that services the resort regions in Bavaro and Punta Cana.
The joint venture has helped to lock in the most competitive gas rates and secure long term gas contracts with suppliers due to InterEnergy’s experience in the power sector and reputation in the country and BW’s extensive knowledge of gas transportation and storage.
Completion is planned in 2014, with total investments estimated at more than USD 350 million. Offtakers will include power generation and distribution companies related to InterEnergy, including Cepm, Cespm and EGE Haina; Martí Petroleum Group’s Tropigás division is also an anchor client and potential co-investor in the terminal. Storage capacity of the new terminal will reach 100,000-180,000m3 with an expected delivery between 400,000t and 800,000t/y growing over time.
“This announcement is one of the most important developments in the country’s energy market in the last decade,” said Celso Marranzini, Dominican Government Minister and CEO of the Dominican state’s electric sector holding company, Corporación Dominicana de Empresas Electricas Estatales.
“This project reinforces our long term commitment to bringing reliable and cost-effective electricity to the Dominican market by continuing to deploy significant capital in the country, and partnering with global industry leaders like BW,” added Rolando Gonzalez Bunster, InterEnergy’s Chairman and CEO.