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Stabilis Energy to acquire LNG production facility in Utah from Prometheus

EBR Staff Writer Published 27 September 2017

Stabilis Energy has agreed to acquire a 20,000 gallons per day (gpd) capacity liquefied natural gas (LNG) production facility in Lisbon, Utah from Prometheus Energy.

As part of the acquisition, Prometheus Energy will also acquire Stabilis Energy’s LNG distribution and logistics business outside of Texas and the Gulf Coast region.

Stabilis Energy CEO Casey Crenshaw said: “We are pleased to announce the acquisition of the Lisbon LNG production facility.

“This transaction allows Stabilis to focus on its core strengths of building and operating small-scale and mid-scale LNG production facilities. This transaction is a continuation of our plan to build the leading LNG supply network in North America.

“This transaction allows Stabilis to focus on its core strengths of building and operating small-scale and mid-scale LNG production facilities. This transaction is a continuation of our plan to build the leading LNG supply network in North America.”

With this acquisition, Stabilis Energy opines that it can extend its LNG production capabilities into the Rocky Mountain region and offer a platform for additional growth in small-scale LNG production facilities across North America.

On the other hand, Prometheus is expected to add to its North American LNG supply and service platform by acquiring Stabilis’ LNG distribution business in the DJ Basin in Colorado and other regional excluding Texas and the Gulf Coast region.

Stabilis Energy president and chief financial officer Jim Reddinger said: “Stabilis remains fully committed to self-performing the transportation and logistics services required to move LNG from our production facilities to our customers.

“Providing certainty of LNG supply to our customers is our top priority, and we believe that self-performing transportation and logistics services in Texas and the Gulf Coast region is critical to fulfilling this commitment.”

Financial terms of the transaction have not been disclosed.