NFE In Gas Supply Deal With Hydro For Alunorte Alumina Refinery In Brazil

(RTTNews) - New Fortress Energy Inc. (NFE), an energy infrastructure company, announced Monday the execution of a 15-year gas supply agreement or GSA with a subsidiary of Norwegian energy and aluminum company Norsk Hydro ASA (NHY, NHYDY.PK, NHYDY.PK). The deal is for the supply of natural gas to the Alunorte Alumina Refinery in Par, Brazil.

Under the GSA, NFE has agreed to supply Hydro with 29.5 TBtu of natural gas annually, which is equivalent to around 1 million gallons of LNG per day, to the refinery from NFE's Barcarena LNG receiving and regasification terminal located in the state of Par.

The company expects the conversion from oil-based fuel supply to natural gas will reduce the refinery's annual CO2 emissions by an estimated 700,000 tonnes per annum. The deal supports Hydro's global commitment to reduce greenhouse gas emissions by 30% by 2030.

When completed in 2022, NFE's Barcarena LNG terminal is expected to be the sole point of LNG imports in the state of Par and the North region of Brazil.

Wes Edens, Chairman and CEO of New Fortress Energy, said, "Supply of natural gas from NFE's Barcarena LNG terminal will support Hydro in shifting Alunorte to cleaner fuels and will significantly advance Brazil's energy transition."