NASSAU| An agreement signed between The Davis Administration and executives from FOCOL Holdings for the integration of Liquefied Natural Gas (LNG) in the country could yield $180 million in annual savings once the project is fully implemented.
This information was revealed during a signing ceremony on Thursday at the office of the Prime Minister, where officials highlighted the development of the first LNG terminal at Clifton Pier.
Phase one is scheduled to begin before the end of this year.
Phases one and two are projected to cost just under $200 million, according to Attorney General Ryan Pinder, who was also present at the signing ceremony.
This partnership aligns with the government’s broader energy reform plans, which emphasize the need for clean and affordable energy.
Prime Minister Philip Davis stated, “We see the integration of LNG into our fuel mix as a significant step in the right direction as we move away from ‘dirtier’ fossil fuels, such as diesel and oil, greatly reducing our carbon emissions.”
FOCOL’s chairman, Sir Franklyn Wilson, mentioned that the agreement will ensure a “more reliable supply of cheaper energy.”
This agreement was announced just days after the government revealed its first Bahamian independent power-producing company, Madeleine Ltd., which will strengthen New Providence’s electricity grid, which officials say is currently struggling.
