Excelerate Energy has a contract to develop a floating liquefied natural gas (LNG) regasification facility off the southern coast of Puerto Rico for the Puerto Rico Electric Power Authority (PREPA), the Houston-based company said Thursday.

The facility, to be named Aguirre GasPort, would provide fuel to the Central Aguirre Power Plant and is a step in the island’s strategy to convert power generation from burning imported oil to natural gas, Excelerate said. The Central Aguirre Power plant has already converted 600 MW of its available1,500 MW to utilize natural gas and has plans to convert the remaining 900 MW prior to completion of the Aguirre GasPort.

“If we want to be competitive at the global level, we must substantially reduce dependence on oil. The construction of the Aguirre GasPort facility will allow us to reduce that dependency,” a PREPA representative said.

The Aguirre GasPort would be about four miles off the southern coast of Puerto Rico, near the towns of Salinas and Guayama, and would utilize one of Excelerate’s 150,900-cubic meter floating storage and regasification vessels. The facility would operate year-round. The project would be Excelerate’s seventh floating LNG import facility.

“Our experience and expertise in delivering floating regasification solutions in a cost-effective and timely manner ensure that we will provide an efficient and reliable project for PREPA,” said Excelerate CEO Rob Bryngelson.

The Aguirre GasPort would require authorization from the Federal Energy Regulatory Commission and be subject to a public environmental review and analysis under the National Environmental Policy Act. The facility is expected to be in service in 2014.

The Aguirre GasPort utilizes technology that has been utilized in Argentina, Kuwait, Brazil, the United States and England. Excelerate’s fleet of eight purpose-built LNG regasification vessels is capable of transporting, storing, and delivering approximately 3-3.2 Bcf of natural gas into various markets worldwide. Excelerate is currently constructing what is said to be the world’s largest floating storage and regasification unit for Petroleo Brasilerio (Petrobras) in Brazil, which is to have a storage capacity of 173,400 cubic meters. This vessel is expected to enter into service in May 2014.

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