Mirage Energy Corp (MRGE)

[Macod]

Mexico Pacific agrees to sell liquefied natural gas to China's Zhejiang Energy

The Chinese company will buy one million metric tons per year of liquefied natural gas (LNG) from the Mexican company from the Saguaro Energía facility, in Puerto Libertad, in the state of Sonora.
Wed 05 July 2023 08:57 AM

Zhejiang Energy sees the agreement as a way to diversify the energy supply portfolio and strengthen the natural gas industry in that region of China.

Mexico Pacific Limited will sell liquefied natural gas (LNG) from an export plant in northwest Mexico to China's Zhejiang Energy, according to an agreement between the companies disclosed on Wednesday.

Zhejiang Energy will purchase one million metric tons of LNG per year from the Mexican company from the Saguaro Energía facility, in Puerto Libertad, in Sonora state, over a 20-year period using a free shipping model.

"We are delighted to deepen our supply relationship with Asian end-users through this long-term SPA with Zhejiang Energy," Ivan Van der Walt, Mexico Pacific's CEO, said in a statement.

According to the executive, the Chinese company is the only gas distributor in Zhejiang province, one of the largest local economies in the Asian giant.

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Zhejiang Provincial Power Group deputy general manager Xiqiang Chai highlighted the deal as a way to diversify the power supply portfolio and strengthen the natural gas industry in that region of China, according to the statement.

According to Mexico Pacific, the 14.1 million metric ton per year (mtpa) plant, Saguaro Energía, is the "most advanced" LNG development project on the west coast of North America.

https://expansion.mx/empresas/2023/07/05/mexico-pacific-vendera-gas-natural-licuado-a-china