HOUSTON, Jan. 13, 2022 (GLOBE NEWSWIRE) -- Petróleos Internacionales del Caribe ("PIC") and its operating division in Mexico Petróleos Internacionales del Caribe Inc., Sucursal Mexico ("PICMEX") and SeaOne Holdings, LLC (SeaOne) jointly announced today that following PIC's pre-FEED studies for its projects in México, they will nominate the builder of their required Compressed Gas Liquids Carriers (CGLC) by the end of the third to fourth quarter of 2022. This follows PIC and SeaOne's Memorandum of Understanding ("MOU") to enter into an exclusive license agreement for PIC to use SeaOne's patented Compressed Gas Liquids (CGL) technology for PIC's projects in México and throughout the Americas.
PIC will utilize the CGLCs to transport the fuel required by PIC's combined-cycle power plants in multiple locations in México. The nomination of the shipbuilder will follow an extensive selection process in which shipyards worldwide will be invited to tender. A sizeable fleet of CGLC vessels will be built to transport and deliver natural gas as a liquid gas cargo, Compressed Gas Liquids (CGL). The shipbuilder to be awarded this contract will enjoy a robust order book for many years.
SeaOne's patented CGL technology is a revolutionary means of transporting and delivering natural gas and natural gas liquids in one liquid cargo at moderate, non-cryogenic temperatures. As CGL is stored at a modest pressure and temperature, the boiloff, venting and environmental issues associated with Liquefied Natural Gas ("LNG") does not occur in the CGL containment system while in transit or in storage. Thus, the carbon footprint of the entire value chain from solvation through delivery to the customer is minimized compared to other methods of transporting and delivery of natural gas.
PIC's natural gas CGL cargoes will be transported and stored within SeaOne's proprietary containment systems, which is the subject of more than 10 years of development and is fully approved by the American Bureau of Shipping. The Compressed Gas Liquid Carriers (CGLCs) will be classed by the American Bureau of Shipping and fly the flag of The Marshall Islands.
They are designed to meet or exceed the highest international standards for gas carriers and will be among the most technologically advanced ships in the world with a strong emphasis placed on safety and crew comfort. Additionally, during design, particular attention will be made to maximize operating efficiency and minimize emissions of the CGLCs. Each ship will be outfitted to permit a rapid changeover in the type of fuel to be used as technology improvements permit.
"The PIC-SeaOne partnership is a powerful combination to supply fuel for our power plants and our customers in Mexico and throughout The Americas," said Michael Hood, Chairman and CEO of PIC. "Together, utilizing SeaOne's proprietary systems, PIC will execute industry leading technology solutions to help address the fuel supply and electricity needs of Mexico's citizens, businesses, and government." SeaOne's technical solutions are robust and cutting edge like no other, and will exceed the single most important part of our future "Emissions and Reductions" of carbon footprints throughout the globe.
"We are very enthusiastic about partnering with PIC," SeaOne's Chairman and CEO, Forrest Hoglund, said. "CGL increases access to affordable, lower emission fuels. These projects will provide Mexico, and other countries in Central and South America, and the Americas with affordable fuels and power, as well as significant carbon emissions reductions, a key component in achieving sustainability goals."
About Petróleos Internacionales del Caribe and Petróleos Internacionales del Caribe Inc., Sucursal México
Petróleos Internacionales del Caribe
About SeaOne Holdings, LLC
Houston-based SeaOne Holdings, LLC
