Australian compressed natural gas (CNG) company Global Energy Ventures (GEV) has entered into an agreement with Chinese yard CIMC Raffles to extend to December 31 the letter of intent to build a series of CNG carriers.
Additionally, GEV also extended the strategic alliance with CIMC Enric Holdings to the same date.
GEV and CIMC Raffles entered into a letter of intent in July last year, for the construction of four 200 mmscf CNG carriers with options to build additional four. The LOI was extended to the end of June in January.
According to GEV, CIMC Raffles continue to play an important technical role in the commercialisation of the company’s CNG optimum ship, which includes the recently completed Brazil commercialisation plan.
“GEV is delighted to further extend the shipyard LOI with CIMC Raffles through to the end of 2020. During the past six months our project teams have worked closely with the team at CIMC Raffles to complete important marine engineering work on our priority projects in Brazil and the US. This work has taken the base design of the CNG Optimum ship and qualified new designs to include two additional methods for loading gas offshore. This work has put the company into a strong position to secure our first project CNG project for multiple applications including Brazil and the US,” said GEV’s sxecutive chairman and CEO Maurice Brand.