Montenegro has signed a Memorandum of Understanding (MoU) with US-based companies, Enerflex Energy Systems and Wethington Energy Innovation to build an LNG terminal and a combined cycle thermal power plant (TPP) at Bar.
This project will help ensure the country’s energy security, the Government said in a statement.
"From the moment construction begins, it shouldn't take more than two years for the capacities to become fully operational," Prime Minister, Dritan Abazovic, said.
The two US companies will propose a financing structure for the projects upon completion of feasibility studies, according to the MoU.
Based on preliminary information and subject to further front end engineering development (FEED), Enerflex said that the investment in the LNG terminal project would be in the region of €130 mill to €250 mill.
The combined cycle power plant, with a capacity of at least 240 MW and a maximum of 440 MW, will be located close to the LNG terminal and it will be fitted with GE equipment.
Total investment in this project is estimated to be between €200 mill and €500 mill, depending on the installed capacity.
Enerflex Energy Systems is an integrated provider of energy infrastructure solutions, covering gas processing, compression, power generation, refrigeration, cryogenic, energy transition and water solutions.
Wethington International Innovation is an investment and business advisory firm focused on advising institutions on capital investment, financial structure and business strategy in emerging markets.
