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Shearman & Sterling advises Golar Power on Brazilian LNG-to-power project

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LNG Industry,

Shearman & Sterling has released a statement claiming that it is advising Golar Power on the development of the Porto de Sergipe LNG-to-power project in Brazil.

The Shearman & Sterling team has worked with Golar Power on the project since April 2015, and is led by partner Anthony Patten and associate Anthony Lepere.

Golar Power took a positive financial investment decision (FID) on the project on 17 October 2016. Following on from this, CELSE (the project company), entered into a lump sum turnkey engineering, procurement and construction (EPC) agreement with General Electric (GE) to build, maintain and operate a 1.5 GW combined cycle plant. It has also entered an agreement to charter the Golar Nanook floating storage regasification unit (FSRU) – which is expected to be delivered in November 2017 – for a period of 25 years. Finally, the company has also entered into a long-term LNG sale and purchase agreement (SPA) with Ocean LNG, which is a joint venture (JV) between Qatar Petroleum and ExxonMobil. Under the terms of the SPA, Ocean LNG will provide 1.3 million tpy of LNG to CELSE on an ex-ship basis, with shipments commencing in 2020.

Golar Power has also increased its participating interest in CELSE from 25% to 50%.

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