Golar Power to appeal disqualification from Petrobras LNG terminal bid

golar power

Natural gas company Golar Power said on Friday that it objects to its disqualification from the bidding for a liquefied natural gas import terminal being leased by Brazilian state-run oil firm Petrobras, and that it will appeal its removal from the process.

The company, a joint venture between Golar LNG Ltd and U.S. private equity firm Stonepeak Infrastructure Partners, added that if its appeal is not successful, it may pursue other options to compel its reinstatement by Petroleo Brasileiro SA , as the company is formally known.

On Thursday evening, Petrobras confirmed it had received an offer from Golar for the terminal in Brazil’s Bahia state. However, it said Golar had been given a “high integrity risk grade, implying its disqualification” from the bidding.

Petrobras said the process would now enter a phase in which interested parties could lodge appeals.

In its statement on Friday, Golar Power said it was the only company to submit a bid above the minimum price of 130 million reais ($22.9 million) established by Petrobras.

Petrobras did not immediately respond to a request for comment.

Source: Reuters



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