New Fortress Energy Signs MOU With Angolan Ministries To Advance Natural Gas Infrastructure

NEW YORK–(BUSINESS WIRE)–New Fortress Energy LLC (NASDAQ:NFE) (“New Fortress” or the “Company”)
announced today that it has signed a memorandum of understanding (MOU)
with the Angolan Ministry of Mineral Resources and Petroleum, Ministry
of Energy and Water and Ministry of Finance for the development of a
liquefied natural gas (LNG) terminal to supply natural gas to Angola for
power generation.

Under the MOU, New Fortress would fund, build, and operate an LNG import
and regasification terminal and supply gas to power and industrial
facilities across Angola and work with the Ministry of Mineral Resources
and Petroleum to explore the development of additional indigenous
natural gas resources and a domestic liquefaction facility.

The MOU was signed today in Luanda by New Fortress Chairman and CEO Wes
Edens and Hon. Diamantino Azeved, Minister of Mineral Resources and
Petroleum. The President of Angola also approved the MOU with New
Fortress.

“This partnership will provide cleaner, affordable natural gas to
Angola, creating significant economic and environmental benefits,” said
New Fortress CEO Wes Edens. “With Angola’s transition to a gas economy,
significantly lower fuel costs will encourage further investment and
directly benefit Angolans. We commend President Lourenço and the
government of Angola for their leadership and look forward to building
this historic partnership.”

“The signing of this MOU is the first step in moving Angola to become a
gas economy,” said Hon. Diamantino Azeved, Minister of Mineral Resources
and Petroleum. “This unprecedented event involves the approval of three
ministries and is supported by the President of Angola to move the
country in a new direction.”

The MOU is non-binding on the parties, and actual terms of any
definitive agreement may differ from the terms of the MOU.

About New Fortress Energy LLC

New Fortress Energy (NASDAQ: NFE) is a global energy infrastructure
company founded to help accelerate the world’s transition to clean
energy. The company funds, builds and operates natural gas
infrastructure and logistics to rapidly deliver fully integrated,
turnkey energy solutions that enable economic growth, enhance
environmental stewardship and transform local industries and
communities. New Fortress Energy is majority-owned by a fund managed by
an affiliate of Fortress Investment Group.

Cautionary Statement Concerning Forward-Looking Statements

Certain statements contained in this press release constitute
“forward-looking statements”, including the Company’s plans to build and
operate an LNG terminal and explore natural gas resources and domestic
liquefaction in Angola, the expectation that the partnership will
produce environmental or economic benefits for Angola, or the
expectation that the transition to a natural gas economy will occur or
would lower fuel costs and encourage investment in Angola. These
forward-looking statements represent the Company’s expectations or
beliefs concerning future events, and it is possible that the results
described in this press release will not be achieved. These
forward-looking statements are subject to risks, uncertainties and other
factors, many of which are outside of the Company’s control, that could
cause actual results to differ materially from the results discussed in
the forward-looking statements. Factors that could cause or contribute
to such differences include, but are not limited to, the ability and
willingness of the Company to enter into a binding agreement on
favorable terms or at all, the difficulty of predicting the timing or
outcome of any proposed project including those discussed in this press
release, the market price for natural gas and alternative fuels, the
emissions differences between natural gas and alternative fuels, and the
timing to completion, cost, capacity, dispatch rate and heat rate of
each proposed project. Accordingly, readers should not place undue
reliance on forward-looking statements as a prediction of actual results.

Any forward-looking statement speaks only as of the date on which it is
made, and, except as required by law, the Company does not undertake any
obligation to update or revise any forward-looking statement, whether as
a result of new information, future events or otherwise. New factors
emerge from time to time, and it is not possible for the Company to
predict all such factors. When considering these forward-looking
statements, you should keep in mind the risk factors and other
cautionary statements in the Company’s annual and quarterly reports
filed with the SEC, which could cause its actual results to differ
materially from those contained in any forward-looking statement.

Contacts

Jake Suski
+1 (516) 268-7433
[email protected]

error: Content is protected !!