Stabilis Solutions Adds Fifth Gulf Coast LNG Marine Bunkering Location by Partnering with Port of Port Arthur, Texas
Stabilis Solutions (NASDAQ:SLNG) has signed a Memorandum of Understanding with the Port of Port Arthur to establish LNG as a marine fuel source. This agreement allows Stabilis to offer turnkey LNG fueling solutions for vessels at the Port, marking the fifth LNG marine bunkering location along the Gulf Coast. Fueling services are expected to commence in early 2022, utilizing Stabilis' mobile cryogenic assets. The partnership highlights a commitment to sustainable fueling options, enhancing the Port's operational capabilities and supporting the regional economy.
- Establishment of LNG as a marine fuel at the Port of Port Arthur enhances Stabilis' service offerings.
- Partnership expands Stabilis' LNG bunkering network to five locations on the Gulf Coast.
- Projected availability of LNG fueling services in early 2022 may lead to increased vessel traffic and revenue.
- None.
HOUSTON, TX / ACCESSWIRE / October 7, 2021 / Stabilis Solutions, Inc. ("Stabilis") (NASDAQ:SLNG), a leading provider of energy transition services including liquefied natural gas ("LNG") and hydrogen fueling solutions, and the Port Of Port Arthur ("POPA" or the "Port") in Texas and have entered into a Memorandum of Understanding ("MOU") to facilitate the use of LNG as a marine fuel at the Port. This will be the fifth LNG marine bunkering location that Stabilis supports on the Gulf Coast.
Under the terms of the MOU, Stabilis and POPA will work together to provide turnkey LNG fueling solutions to marine vessels calling on the Port, including identifying suitable dock space for shore-to-ship fueling operations, obtaining the necessary permits and approvals, identifying, and educating potential customers, and executing LNG fueling events. Stabilis will deploy its existing fleet of mobile cryogenic assets, including LNG transportation and distribution equipment, and provide LNG from its George West liquefaction facility to support LNG fueling operations. LNG bunkering services are expected to be available at the Port in early 2022.
"The Port of Port Arthur is a world class port serving the global shipping industry and we are excited about our partnership." said Westy Ballard, President and CEO of Stabilis. "We see the ship-to-shore LNG fueling model as a key first step to attracting LNG powered vessel traffic to the Gulf Coast and is an exciting opportunity for Stabilis."
"POPA looks forward to working with Stabilis on this important development" added Larry Kelley, Port Director and CEO of POPA. "The partnership with Stabilis will provide added sustainable options for fueling vessels on the Sabine Neches Waterway and another example of our commitment to our community. With significant daily vessel activity for the movement of energy and the products that support the global economy, it makes great sense to consider Port Arthur as a location for this initiative."
About Port of Port Arthur
Port of Port Arthur is located on the Sabine Neches Waterway and the Gulf Intercoastal Waterway. Port Arthur is a modern port facility with significant growth capability. Served by professional staff and led by 5 person elected board of commissioners, the Port of Port Arthur leads the way in our community for local jobs and economic development. Visit www.portpa.com. Opportunity Docks Here!
About Stabilis
Stabilis Solutions, Inc. is a vertically integrated energy transition company that provides clean energy solutions to our customers. Our solutions include small-scale liquefied natural gas ("LNG") production, distribution and fueling services to multiple end markets in North America. Stabilis also provides hydrogen fueling services to its customers. Stabilis has safely delivered over 250 million gallons of LNG through more than 25,000 truck deliveries during its 16-year operating history in the LNG industry, which we believe makes us one of the largest and most experienced small-scale LNG providers in North America. Stabilis' customers use LNG and hydrogen as a fuel source in a variety of applications in the industrial, energy, mining, utilities and pipelines, commercial, and high horsepower transportation markets. Stabilis' customers use LNG and hydrogen as alternatives to traditional fuel sources, such as distillate fuel oil and propane, to lower fuel costs and reduce harmful environmental emissions. Stabilis' customers also use LNG as a "virtual pipeline" solution when natural gas pipelines are not available, or volumes are curtailed. To learn more, visit www.stabilis-solutions.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 and within the meaning of Section 27a of the Securities Act of 1933, as amended, and Section 21e of the Securities Exchange Act of 1934, as amended. Any actual results may differ from expectations, estimates and projections presented or implied and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "can", "believes," "expects," "could," "will," "plan," "may," "should," "predicts," "potential" and similar expressions are intended to identify such forward-looking statements.
Such forward-looking statements relate to future events or future performance, but reflect the parties' current beliefs, based on information currently available. Most of these factors are outside the parties' control and are difficult to predict. A number of factors could cause actual events, performance or results to differ materially from the events, performance and results discussed in the forward-looking statements. Factors that may cause such differences include, among other things: the future performance of Stabilis, future demand for and price of LNG, availability and price of natural gas, unexpected costs, and general economic conditions.
The foregoing list of factors is not exclusive. Additional information concerning these and other risk factors is contained in our quarterly reports on Form 10‐Q and annual reports on Form 10‐K, which are available on the SEC's website at www.sec.gov or on the Investors section of our website at www.stabilis-solutions.com. All subsequent written and oral forward-looking statements concerning Stabilis, or other matters attributable to Stabilis, or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made.
Stabilis does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in their expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.
Contact Information
Port of Port Arthur:
Larry Kelley
Port Director and CEO
Phone: (409) 983-2011
Email: larry@portpa.com
Stabilis Solutions - Investor Relations:
Andrew Puhala
Chief Financial Officer
Phone: 832-456-6502
Email: ir@stabilis-solutions.com
Stabilis Solutions - Marine LNG Fuel Sales:
Christina Roberts
Gulf Coast LNG Sales
Phone: 832-456-6546
Email: croberts@stabilis-solutions.com
Stabilis Solutions - Marine LNG Solutions:
Alexander Harsema-Mensonides
Marine LNG Business Development
Phone: 832-456-6551
Email: aharsema@stabilis-solutions.com
SOURCE: Stabilis Solutions
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FAQ
What is the significance of the MOU between Stabilis Solutions and Port of Port Arthur?
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