AES becomes sole owner of Panama’s first LNG import terminal

US energy company AES is now the sole owner of Panama’s first LNG import terminal in Colon, following the sale of Inversiones Bahia’s stake in the complex that includes a power plant.

Virginia-based AES said on Tuesday it bought a 49 percent stake in AES Colon from Inversiones Bahia, increasing its ownership to 100 percent.

AES Colon includes a 381 MW LNG-fired power plant and a 180,000-cbm LNG storage and regasification facility.

The project came online in 2018. According to AES, the partners previously contracted 100 percent of the output from the generation facility through 2028.

Also, the LNG tank reached commercial operations in 2019 allowing Panama to become a regional LNG distribution hub.

The duo has invested about $1.15 billion in the facility located near the Atlantic entrance of the Panama Canal.

“This transaction reaffirms AES’ commitment to Panama and represents a new milestone in the execution of our regional LNG strategy to deliver cleaner, reliable and efficient energy to our clients,” said Juan Ignacio Rubiolo, president for AES’ Mexico, Central America and the Caribbean strategic business unit.

He added that this acquisition would contribute to “maximizing the value of our regional LNG business through the development of important synergies and flexibility across our portfolio.”

Most Popular

Venture Global to introduce gas to tenth Plaquemines liquefaction block

US LNG exporter Venture Global LNG has received approval from the US FERC to introduce natural gas to the tenth liquefaction block at the Plaquemines LNG terminal in Louisiana as part of the plant’s commissioning process.

Eni: third phase of YPF’s Argentina LNG project requires $20 billion investment

The third phase of YPF's Argentina LNG export project would require an investment of about $20 billion, according to Eni’s COO of global natural resources, Guido Brusco.

Kimmeridge’s Commonwealth LNG seeks expedited approval from FERC

Kimmeridge's Commonwealth LNG is seeking expedited final approval from the US FERC as it looks to make a final investment decision on its planned LNG export plant in Louisiana later this year.

More News Like This

TotalEnergies inks initial Dominican LNG supply deal

France's TotalEnergies has signed a heads of agreement with ENADOM, the joint venture between AES Dominicana and Energas in the Dominican Republic, to supply liquefied natural gas (LNG) to the latter.

AES, Seaspan to launch Panama LNG bunkering ops in March 2025

In October 2023, the two firms joined forces to provide LNG as fuel for vessels from the AES-operated Costa...

AES wraps up stake sale in two LNG terminals

US energy company AES has completed the previously announced sale of minority stakes in its LNG import terminals in...

AES and Seaspan ink Panama LNG bunkering pact

US energy firm AES is joining forces with Canada's Seaspan to provide LNG as fuel for vessels from the...