Liquefied Natural Gas (LNG) Arrives in The Bahamas: Polymers International and New Fortress Energy Sign Historic Multi-Year LNG Agreement
January 29, 2018
January 29, 2018, Nassau, Bahamas—Polymers International Ltd, one of Grand Bahama’s largest employers, today announced the arrival of liquefied natural gas (LNG) to The Bahamas. Polymers is the first company in The Bahamas to run their industrial processes with natural gas. Polymers is partnering with New Fortress Energy for the conversion and supply of LNG, which will result in significant savings and reduce over 4,000 tonnes a year of greenhouse gas emissions.
“We are excited to be the catalyst to bring LNG to The Bahamas and the first industrial company to use LNG on the island, said Greg Ebelhar, Chief Operating Officer of Polymers International. “This partnership opens a new chapter in the diversification of energy sources for industrial purposes in the country. Moreover, the significant cost savings as well as the environmental sustainability that are made possible by LNG make our partnership with New Fortress Energy a victory for all.”
Liquefied natural gas (LNG) is natural gas cooled to a liquid form at -260°F and stored at atmospheric pressure. By cooling natural gas to liquid, it can be safely transported across the world. LNG is one of the safest and non-polluting, non-toxic fuels to transport and handle, as well as, the cleanest burning fossil fuels available.
Polymers has converted its main steam boilers, which currently use diesel fuel, to operate on natural gas, a cleaner and more environmentally-friendly fuel. New Fortress Energy supplied cryogenic tanks for on-site LNG storage at Polymers, each with a capacity of 60,000 gallons. New Fortress Energy’s Miami LNG Plant is a unique asset ideally positioned to serve the Caribbean, supplying Polymers with weekly LNG deliveries. New Fortress Energy has the first operational LNG plant in Florida, the first LNG terminal in Jamaica and serves a broad customer base of industries and international customers.
“We’re proud to partner with Polymers International to introduce clean, reliable and affordable natural gas to The Bahamas and contribute to Grand Bahama’s economy,” said Wes Edens, Founder and Chairman of New Fortress Energy. “As we’ve seen with many other markets, the introduction of LNG for power generation and industrial uses can be a catalyst for energy transformation, economic growth and significant environmental gains."
The introduction of LNG as a clean and safe alternative fuel source helps transform how companies do business as it improves energy efficiency, lowers costs and reduces emissions over alternative fossil fuel sources. It also provides the opportunity for job creation, training of a new specialized workforce, economic development, and environmental stewardship.
About Polymers International
Polymers International Ltd–one of the largest companies with over 100 employees in Freeport, Bahamas, and a major contributor to Grand Bahama’s economy, providing employment opportunities and vocational training for the local community. The company produces expandable polystyrene beads used in foam products, which are exported to Europe, the United States, Argentina and beyond.
About New Fortress Energy
New Fortress Energy provides clean, reliable, and affordable energy to rapidly developing nations and emerging industries. The company supplies natural gas, end-to-end logistics, financing and infrastructure solutions to power, transportation and industrial companies and customers worldwide including the Jamaica Public Service (JPS) for the supply of liquefied natural gas (LNG) to Jamaica and Red Stripe, part of the HEINEKEN Company. New Fortress Energy is managed by an affiliate of Fortress Investment Group, a highly diversified global investment manager with approximately US$36 billion of assets under management that has deployed US$17 billion across infrastructure, transportation, and energy sectors.