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LNG Generating Station Mega-Project in Colon Announced


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Energy: Mega-Project Announced in Panama

Local authorities announced plans to build in the province of Colon the Gatun Generating Station, an energy complex that will operate with liquefied natural gas and will require a $1,000 million investment.

Tuesday, June 1, 2021

The morning of June 1, President Laurentino Cortizo Cohen explained that this project will require a foreign investment from Group Energy Gas Panama, a consortium formed by InterEnergy Group and AES Panama.

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According to Cortizo, the State will hold 25% of the shares in this asset, while InterEnergy Group and AES Panama will hold 51% and 24%, respectively.

Although the Government of Panama will not provide financial resources for the development of this energy project, it will have a shareholding, the President explained.

According to CentralAmericaData, during 2020, seven EIAs were submitted in Panama to develop energy projects, which together amount to an investment of approximately $31 million. The most important project, according to the amount invested, consists of the construction of a liquefied natural gas truck loading station at the Costa Norte LNG Thermoelectric Power Plant.

 

https://www.centralamericadata.com/en/article/main/Energy_MegaProject_Announced_in_Panama

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  • Moderator_02 changed the title to LNG Generating Station Mega-Project in Colon Announced
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When State involvement becomes “private”

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Posted 05/06/2021

The President of the Republic surprised us all - except those happily involved - with the controversial NG Power project, which will be developed with other business actors, even with a 25% stake in the State, although this does not necessarily mean it means that it will have the same portion of the profits, since we have already seen how private companies "partners" in mixed companies, allege costs of all kinds to reduce the amount of benefits, especially those corresponding to the Nation. To this is added the controversy: the State becomes a judge and part of the country's energy sector, and this translates into favoritism ... and not for customers, precisely. Now, A lawyer requests information on the State's participation and the payment that NG Power shareholders would have received for transferring this state concession. And, surprise !: the partner company responded that it would not reveal anything, as it is a “private” transaction. All this begins with a bad step. What is private about a transaction involving the State? What are they hiding? The excuse is absurd. The lack of transparency is evident and suspicion is inevitable if, in addition, the eternal friends of power are involved LA PRENSA, Jun. 5

 

https://www.newsroompanama.com/opinion/when-state-involvement-becomes-private

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