NorthStar Announces Significant Progress on Expansion of Its LNG Projects

Source: www.gulfoilandgas.com 3/18/2021, Location: North America

NorthStar HoldCo Energy, LLC, a portfolio company of funds managed by Oaktree Capital Management, L.P., is pleased to report that the expansion of JAX LNG and the construction of the 5,400 cubic meter LNG articulated tug barge unit ("ATB"), Clean Canaveral, continue as expected towards being in service by Q4 2021. In addition, NorthStar recently closed on a $137 million debt financing facility to support these LNG expansions.

NorthStar and its partner at JAX LNG, Pivotal LNG, a subsidiary of BHE GT&S, are tripling the facility’s production capability to 360,000 gallons per day and doubling LNG storage capacity to four million gallons. The JAX LNG facility has been in service since the fourth quarter of 2018 and, through its integrated LNG marine loading dock, JAX LNG has safely completed more than 150 deliveries of LNG to the Clean Jacksonville bunker barge. JAX LNG has also been servicing additional customers in the shipping, over-the-road trucking and aerospace segments.

“With the excellent support we have from our construction contractors, we are excited to commence our expanded operations, particularly for our new anchor customer beginning its LNG-powered voyages in 2022,” said Tim Casey Senior Vice President – LNG for NorthStar. “The expansion of JAX LNG and the construction of the Clean Canaveral will allow us to supply our existing customers, take on new customers and deliver LNG to points anywhere from Savannah, Georgia to Miami, Florida. The market for LNG as a bunker fuel is accelerating as more LNG powered ships are put into service. JAX LNG and Polaris New Energy are prepared to support the shipping industry’s important effort to reduce its carbon footprint by using LNG, an environmentally friendly fuel that can reduce greenhouse gas emissions by over 20 percent.”

Last week, NorthStar, through a newly formed entity, Seaside LNG Holdings, LLC, closed on a $137 million debt financing facility supporting its interest in JAX LNG and Polaris New Energy. Proceeds from the financing will be used to fund construction of the JAX LNG expansion and the ATB.

“We are pleased to have the project finance community support our growth. Our lenders recognize the critical importance of LNG in the maritime sector and share in NorthStar’s excitement as a first-mover in LNG bunkering domestically. The financing facility provides the flexibility to stay at the forefront of these segments as we look toward future growth opportunities,” explained Matt McKenzie, Senior Vice President – Finance and Administration of NorthStar.


Malaysia >>  4/29/2021 - PETRONAS LNG Ltd. (PLL) has signed a Time Charter Party (TCP) for three newbuild 174,000 cubic metres LNG vessels with shipowner, Hyundai LNG Shipping...
Greece >>  4/21/2021 - Dynagas LNG Partners LP, an owner and operator of liquefied natural gas (“LNG”) carriers, announced that it has entered into a new time charter party ...

United Kingdom >>  4/15/2021 - Babcock International’s LGE business has signed frame agreements with Hyundai Heavy Industries, Hyundai Samho Heavy Industries and Hyundai Mipo Dockya...
South Korea >>  4/14/2021 - The Korean Register (KR) has developed new class rules that completely revise the existing structural rules for membrane-type LNG carriers.

...


South Korea >>  4/14/2021 - The Korean Register (KR) has awarded Approval In Principle (AIP) for an LNG carrier with a prismatic IMO type-B tank built by Hyundai Mipo Dockyard. T...
South Korea >>  4/14/2021 - Korean Register (KR) and DSME have competed the world’s first ship to ship (STS) LNG loading for gas trial. The SM JEJU LNG2 has supplied LNG in the S...




Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.