Condor Announces Signing a Cooperation Agreement With Kazakhstan’s National Railroad Operator
30 Novembro 2021 - 6:05PM
Condor Petroleum Inc. (“Condor” or the “Company”) (TSX: CPI), is
pleased to announce continued progress in its strategy to implement
proven North American modular liquified natural gas (“LNG”)
technologies and processes to produce Central Asia’s first LNG.
The Company has signed a Cooperation Agreement
with the Kazakhstan national railroad operator, JSC NC Kazakhstan
Temir Zholy (“KTZ”) for the implementation of a project to convert
Kazakhstan’s national freight locomotive fleet to LNG fuel. A field
demonstration project will first be conducted and upon satisfactory
results thereof the Company and KTZ intend to enter into a
long-term agreement for Condor to produce and supply LNG to KTZ as
a fuel for the national freight locomotive fleet.
KTZ operates a rail network of approximately
15,000 kilometers and a fleet of more than 700 mainline freight
locomotives. It is expected that the conversion of the locomotive
fleet to LNG fuel will materially reduce operating costs, increase
transportation speeds, reduce CO2 emissions and other particulates,
and reduce dependence on diesel fuel imports.
This project has the potential for the Company
to become the largest producer and supplier of LNG in Central Asia,
while materially contributing to the Republic of Kazakhstan’s
national initiative to decarbonize its transportation sector and
achieve carbon neutrality by 2060. Condor is targeting to construct
multiple modular LNG facilities, each with the initial production
capacity of 125,000 gallons of LNG per day and expandable as the
LNG market demand increases for buses, long-haul transport trucks
and mining equipment.
This project is being implemented through a
joint task force of Condor, KTZ and JSC KazTransGas (the national
gas company of the Republic of Kazakhstan) and their
subsidiaries.
Condor is also pleased to announce that on
November 24-25, 2021, the Company participated and presented at the
United Nations Economic Commission for Europe (UNECE) seminar on
“Support of de-carbonization of the transportation sector in
Kazakhstan” held in Almaty, Kazakhstan. A copy of this presentation
is available on the Company’s website.
Forward-Looking Statements
Certain statements in this news release
constitute forward-looking statements under applicable securities
legislation. Such statements are generally identifiable by the
terminology used, such as “anticipate”, “appear”, “believe”,
“intend”, “expect”, “plan”, “estimate”, “target”, “scheduled”,
“may”, “will”, “should”, “could”, “would”, “in the process of” or
other similar wording. Forward-looking information in this news
release includes, but is not limited to, information concerning:
the timing and ability to reach agreement on the field
demonstration project; the timing and ability to reach agreement on
long-term LNG supply; the timing and ability to reach agreement for
the supply of natural gas feedstock on favorable terms; the timing
and ability to satisfactorily conduct the field demonstration
project; the timing and ability to construct multiple modular LNG
facilities; plant capacities; future demands for LNG; the timing
and ability to obtain future funding on favorable terms; the timing
and ability to obtain various approvals and conduct the Company’s
planned activities; and the ability to become the largest producer
and supplier of LNG in Central Asia.
The TSX does not accept responsibility for the adequacy
or accuracy of this news release.
For further information, please contact Don
Streu, President and CEO or Sandy Quilty, Vice President of Finance
and CFO at 403-201-9694.
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