Condor Signs Its First LNG Framework Agreement in Kazakhstan
2024年7月18日 - 9:00AM
Condor Energies Inc. (“Condor” or the “Company”) (TSX:CDR), a
Canadian based energy transition company focused on providing
stable and sustainable energy transition solutions, is pleased to
announce the signing of its first LNG Framework Agreement
(“Agreement”) for the utilization of liquefied natural gas (“LNG”)
to fuel Kazakhstan’s rail locomotives. The Agreement was also
signed by Kazakhstan Temir Zholy National Company JSC (“KTZ”), the
national railway operator of the Republic of Kazakhstan
(“Kazakhstan”) and Wabtec Corporation (“Wabtec”) (NYSE: WAB), a
U.S. based locomotive manufacturer with existing facilities in
Kazakhstan.
KTZ and Wabtec previously signed a memorandum of
understanding which includes modernization work to retrofit KTZ’s
mainline locomotive fleet for LNG usage and incorporate LNG into
new build locomotives. The Agreement introduces Condor into this
locomotive fleet modernization strategy as the supplier and
distributor of the LNG.
The Agreement also provides a detailed framework
whereby the three parties coordinate efforts to ensure that
Condor’s LNG production volumes coincide with the delivery of new
and converted LNG-powered rail locomotives from Wabtec. A working
group comprised of members from each of the parties will be
responsible to identify and monitor the key performance indicators
associated with this initiative.
Displacing diesel with LNG as the fuel in
locomotives is expected to reduce costs and increase the speed of
railing freight across Kazakhstan by increasing operating ranges,
reducing transit times, and lowering fuel and maintenance costs. It
will also materially reduce greenhouse gas emissions in support of
the Government of Kazakhstan’s target to be carbon neutral by
2060.
The Agreement is also critical to supplying a
stable, economic and more environmentally friendly fuel source for
the Transcaspian International Transport Route (“TITR”) expansion,
which is currently the shortest, fastest and most geopolitically
secure transit corridor for moving freight between Asia and Europe.
The Government of Kazakhstan and KTZ are making significant
investments in the TITR infrastructure, including expanding the
rail network, constructing a new dry port at the Kazakhstan – China
border, and increasing the container-handling capacities at various
Caspian Sea ports.
Condor has already completed front-end
engineering for its first modular LNG facility and detailed
engineering will commence shortly. The Company’s LNG facilities
will utilize leading-edge technology developed by the United States
Department of Energy and commercialized by Condor’s LNG partner in
the United States. The first facility will be constructed near
Aktobe, Kazakhstan and produce 120,000 metric tons of LNG annually,
which is the energy equivalent volume of 450,000 liters of diesel
per day. Phase 1 of the first facility is currently scheduled to
commence LNG production in mid 2026, for which a stable feed gas
supply has already been secured. The Company is also advancing
project funding alternatives.
Don Streu, President and CEO of Condor
commented: “This is a significant milestone in the Company’s
strategic plan to promote, produce and distribute LNG for use in
Kazakhstan’s transportation sector. The close cooperation outlined
in the Framework Agreement will ensure the three parties
effectively coordinate the timely production and delivery of LNG,
which will more effectively fuel Kazakhstan’s energy transition
requirements and growth plans. The TITR, with its ever-increasing
importance as the shortest and faster route to transport freight
between Asia and Europe, is expected to further enhance LNG
demand”.
Readers are invited to review the Company’s
latest corporate presentation available on the Condor website at
“condorenergies.ca”.
ABOUT CONDOR ENERGIES INC.
Condor Energies Inc. is a TSX-listed energy
transition developer focused on diverse initiatives in Central
Asia. With producing gas assets, an ongoing project to construct
and operate Central Asia’s first LNG facility and a separate
project to develop and produce lithium brine, the Company has built
a strong foundation for reserves, production and cashflow growth
while also striving to minimize its environmental footprint.
ABOUT KTZ
KTZ is the national railway operator with more
than 100,000 employees and operating a fleet of more than 1,400
locomotives throughout Kazakhstan.
ABOUT WABTEC
Wabtec is a Fortune 500 company. Headquartered
in the U.S. with operations in 50+ countries. It has over 150 years
experience in the rail locomotive manufacturing and servicing
industry. Its NextFuelTM diesel – LNG system has been in operation
since 2018.
FORWARD-LOOKING STATEMENTS
Certain statements in this news release
constitute forward-looking statements under applicable securities
legislation. Such statements are generally identifiable by the
terminology used, such as “anticipate'', “appear”, “believe'',
“intend”, “expect”, “plan”, “estimate”, “budget'', “outlook'',
“scheduled”, “may”, “will”, “should”, “could”, “would”, “in the
process of” or other similar wording. Forward-looking information
in this news release includes, but is not limited to, information
concerning: the timing and ability of the three parties to
coordinate efforts to ensure that Condor’s LNG production volumes
coincide with the delivery of new and converted LNG-powered rail
locomotives from Wabtec; the timing and ability to monitor the key
performance indicators associated with this initiative; the timing
and ability to increase operating ranges, reduce transit times and
lower fuel and maintenance costs; the ability to materially reduce
greenhouse gas emissions; the timing and ability to supply a
stable, economic and more environmentally friendly fuel source; the
timing and ability to conduct detailed facility engineering; the
timing and ability to use leading-edge technology for the LNG
facility; the timing and ability to construct facilities and to
produce and sell 120,000 metric tons of LNG annually from the first
LNG facility; the timing and ability to produce LNG by mid-2026;
the timing and ability to secure project funding; and the timing
and ability of the TITR transport route to further enhance LNG
demand.
The TSX does not accept responsibility
for the adequacy or accuracy of this news release.
For further information, please contact Don
Streu, President and Chief Executive Officer or Sandy Quilty, Vice
President of Finance and Chief Financial Officer at
403-201-9694.
Abbreviations
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