IAHL Corporation announced that its subsidiary, Altenesol LLC has finalized the contract with AMCS Corporation for a Lump Sum Turnkey (LSTK) Equipment Procurement and Construction (EPC) for Nataly 1 LNG Plant in El Viajano, Colombia. This is an important milestone which defines the entire construction process identifying key aspects which will trigger the draw down process against construction funding.
The contract covers project timetables, insurance liabilities, contingencies and remedies for potential problems as well as penalties and rewards for timely execution. This aligns the project interest and the EPC contractor to build to the highest standards as efficiently and quickly as possible. The AMCS team is working closely on all aspects of the project drawing from their experience in the global market.
“We’ve had a very positive experience working with Altenesol in this project. We believe that the combination of our technology, international project experience and Altenesol’s pioneering vision for the LNG market in this region provides a compelling and powerful solution for the region’s increasing demand for clean energy,” said Ishmael Chalabi, CEO of AMCS Corporation.
The incorporation of predicated design changes necessary to accommodate the increase from 180,000 gallons a day (180K GPD) to 360K GPD delayed the initial AMCS agreement from being executed. Management’s decision to make the expansion now will save the project millions of dollars in the preliminary as well as final stages of the buildout. This is a direct result from Canacol Energy’s (CNE) gas supply contract increase from 17.5 MMSCFD to 35 MMSCFD for a term of 15 years based on the LNG demand.