Golar Power forms Partnership with BR Distribuidora

Golar Power Limited (a??Golar Powera??) and Petrobras Distribuidora S.A. (a??BR Distribuidoraa??) announce today the formation of a Partnership for the development of an LNG distribution businesses in Brazil.A  The intention is to introduce liquefied natural gas (a??LNGa??) as an alternative to the fuels currently available to Brazila??s cargo and people transportation, industrial, thermoelectric generation, commercial and residential sectors.Both Golar Power and BR Distribuidora believe that LNG is an innovative and potentially disruptive solution for the transportation sector in Brazil that delivers environmental benefits as well as important economic gains for customers, society and for Brazil as a whole. Formation of this Partnership coincides with the opening up of Brazila??s natural gas sector and a thirst from society for cheaper, cleaner and more efficient alternatives to the fuels currently on offer.Partnering BR Distribuidora's infrastructure and experience in the fuel distribution sector with Golar Powera??s LNG industry experience is expected to facilitate the rapid development and penetration of small-scale LNG solutions across the country.With more than four decades of experience in the fuel distribution sector, a national network of more than 7,600 fuel stations, 95 Bases of Supply, Operation and Distribution, recognition for the size and reach of its activities, for its presence in all regions of Brazil, for having a a??Top of Minda?? brand of great credibility and for its innovation and pioneering spirit as the first to commercialize ethanol and to sell compressed natural gas, BR Distribuidora can legitimately claim to be Brazila??s leading fuel distribution company. Consistent with this pioneering spirit and in line with an aspiration to be at the forefront of a changing energy market and being able to offer the energy that society needs to get around, BR Distribuidora was already evaluating opportunities to operate in the LNG distribution business in Brazil.Golar Power, a 50/50 Joint Venture between Golar LNG Limited (a??Golara??) (NASDAQ: GLNG) and the North American investment fund Stonepeak Infrastructure Partners has an important presence in the LNG chain in Brazil. Having operated in the LNG sector for over four decades itself and in Brazil for over a decade, Golar has extensive LNG experience and is also recognized for its capacity for innovation in the industry - being a pioneer in the development, implementation and operation of floating LNG storage and regasification units "FSRUs", and more recently in floating liquefaction "FLNG". Golar Power has been working on further integrating the LNG value chain, including the development of a small-scale LNG distribution market, providing technical solutions focused on cost and risk reduction. Golar, together with its affiliates, is one of the largest owners and operators of intermediate a??midstreama?? marine LNG infrastructure, with a fleet of 27 vessels, including LNG carriers, FSRUs and FLNGs. In Brazil, Golar Power and its partners are developing the countrya??s largest natural gas-fired thermoelectric plant, with an installed capacity of 1.55 GW, and an associated LNG regasification terminal in Sergipe. Golar Power was also the winner of the 2019 A-6 Electricity Auction, which contemplates the construction of a new 605MW LNG supplied thermoelectric plant in the state of ParA? together with a dedicated LNG terminal with the potential to supply a region with the largestA  potential for energy growth in Brazil.
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