Azerbaijan’s SOCAR Trading has set up a team to develop integrated LNG-to-power projects and aims to establish a carbon division this year, executives at the firm said, APA reports citing Reuters.
Owing to their complexity, LNG-to-power projects are usually carried out by a consortium of companies and SOCAR hopes to establish itself as a major player in the sector.
It has already been involved in one project in Malta as part of the ElectroGas Malta consortium that built an onshore regasification facility to receive liquefied natural gas (LNG) along with a power plant, completed in 2017. SOCAR Trading took an equity stake and provided the LNG for the project.
“Ever since our first LNG to power project in 2017, we had the idea of replicating the LNG-to-Power concept elsewhere,” Togrul Kocharli, chief development officer at SOCAR Trading, said.
“We now have set up a dedicated team.”
The Geneva-based firm, part of Azerbaijan’s state oil company SOCAR, says its next LNG-to-power project will be in Sri Lanka where it is part of the Pearl Energy project to develop LNG capabilities at the country’s Hambantota port. The LNG would then be transported by road to power producers with an eventual goal to build a power plant at the port.
The firm is also eying opportunities in several African countries including Senegal and Mozambique, Kocharli said, and would participate in an upcoming tender to set up LNG capabilities at the Coega special economic zone in South Africa.
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