Published On: Thu, Jun 16th, 2016

Korea Gas Corp. to launch $1.5B plant in Yucatan by 2019

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By 2019, Yucatán will have its first natural gas plant, with an investment of $1.5 billion US dollars by the firm Korea Gas Corporation (Kogas), providing service to the Yucatan Peninsula.

The president of the National Chamber of Industry (Canacintra), Mario Can Marin, said the project unveiled by Kogas is a state-based liquefied natural gas plant, which would seek to provide the energy to businesses and residences in Yucatan, Campeche and Quintana Roo.

Can Marin stated that this project will bring great benefits to the local industrial sector, as it will help make the market more competitive with a more reasonable price for this highly demanded energy product.

“Having a plant producing natural gas in Yucatan will significantly lower the production costs for all industries in the region, and will help them to comply with clean energy regulations”, the business leader said.

He said the Korean company plans to begin operations in 2019.

In the case of Yucatan, the installation of this plant would guarantee the supply of 300 million cubic feet per day required for businesses that use this type of energy, of which 95 percent, 285 million cubic feet, are used by the Comision Federal de Electricidad (CFE) to produce the energy consumed in Yucatan and the rest of Southeast Mexico.

gas plant

Korea Gas Corporation expects to start operations in Yucatan in 2019 with a liquefied gas plant that seeks to provide energy to the three states of the Peninsula. (Photo: El Financiero)

The President of CANACINTRA recalled that in 2015, many industrial companies in Yucatán had complications due to the lack of natural gas supply by PEMEX, which meant that they had to use LP gas for their processes, because the CFE consumed all the natural gas PEMEX was able to supply.

But now, with the arrival of this company to Yucatán, 14 industries of great importance in the state will be greatly benefited.

“This is good news for our state, this world class Korean company has decided to invest in Yucatán, along with other international firms that are settling down in our state, such as Grupo Modelo, cardboard factories, Leoni (electric harnesses) and Reyma (plastics),” Can Marin concluded.

Source: http://www.elfinanciero.com.mx/empresas/kogas-invertira-500-mdd-en-planta-de-gas-natural-en-yucatan.html

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