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“This is the most important infrastructure construction work in Argentina," Vice President Fernández de Kirchner said on a visit to mark the relaunch of the dams in January. Today, Argentina is facing a new economic crisis and Fernández hopes to develop a closer alliance with China that will bolster currency reserves and give new impetus to infrastructure building. It is a linchpin of China-Argentina cooperation since the contract includes a ‘cross-compliance clause’ that deems its construction a prerequisite for the advance of other Chinese-financed projects in the country. The latest iteration of the project, which would be 85% financed by China Development Bank, is not just an investment agreement. Progress in the past 13 years, however, has been very slow. In 2007, then President Cristina Fernández de Kirchner, who today is back in power as vice president, relaunched the Condor Cliff and La Barrancosa dams in Santa Cruz province, which were first conceived in the 1950s. The TSX does not accept responsibility for the adequacy or accuracy of this news release.įor further information, please contact Don Streu, President and CEO or Sandy Quilty, Vice President of Finance and CFO at 40.Seemingly never-ending legal and environmental wrangles over two China-backed dams in southern Argentina have failed to deter new president Alberto Fernández from pressing ahead with the project, which is key to unlocking more Chinese finance. 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.
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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. A copy of this presentation is available on the Company’s website.Ĭertain statements in this news release constitute forward-looking statements under applicable securities legislation. 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.Ĭondor 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. 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 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.
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It is expected that the conversion of the locomotive fleet to LNG fuel will materially reduce operating costs, increase transportation speeds, reduce CO 2 emissions and other particulates, and reduce dependence on diesel fuel imports. KTZ operates a rail network of approximately 15,000 kilometers and a fleet of more than 700 mainline freight locomotives. 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. 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. (“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. 30, 2021 (GLOBE NEWSWIRE) - Condor Petroleum Inc.