GLNG - Hygo signs MOU with Pará state distribution company to supply the regional demand for cleaner fuels

Golar LNG ([[GLNG]] +4.9%) announced that an affiliate of Hygo Energy Transition Limited (HYGO) has executed a Memorandum of Understanding with Companhia de Gás do Pará (“GdP”).The MOU establishes that Hygo and GdP will explore the local market potential and that Hygo will supply natural gas and LNG to GdP once the negotiations are finalized, and the contracts are executed.Hygo to utilize the Barcarena Terminal, where the construction is expected to start shortly with operations to commence in the first half of 2022. This power station will be configured with the ability to run with a blend of up to 50% of Hydrogen.Hygo has secured 25-year PPAs for a 605MW power station in the region, which adds 0.6 mtpa of LNG demand to the Barcarena Terminal, starting in January 2025. Hygo also expects to utilize the Barcarena LNG terminal to provide an LNG supply solution to the new regional power auction.

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Hygo signs MOU with Pará state distribution company to supply the regional demand for cleaner fuels