Foreign investment bankers win Jamaican LNG project consultancy

Wednesday, March 09, 2011

GOVERNMENT plans to pay US$630,000 ($54.1 million) to "re-engage" the services of global-based investment bankers Taylor DeJongh for the liquified Natural Gas (LNG) project.

The sole source contract will provide "financial consulting services" according to the just released January posting by the Office of Contractor General (OCG). The contract, which was endorsed by the National Contracts Committee awaits Cabinet approval. It follows a December contract for LNG consulting to overseas-based Ernest Megginson for a three -month period valued at US$105,000. That contract was reportedly criticised by Opposition spokesman on mining Philip Paulwell who requested full disclosure.

Taylor DeJongh is an independent investment banking firm providing strategic, project finance and M&A advisory services for renewable energy, oil and gas, industrial and infrastructure clients globally.

The firm is based in Washington DC, London and Paris with associated offices in Dubai and Baghdad. For 30 years, the firm said it successfully advised on the development, structuring, negotiations and financing of US$70-billion worth of debt and equity investments in more than 100 countries. The firm is led by founder and chairman Terry A Newendorp who has more than 35 years' experience in international and cross-border capital investments, global financial structuring, project financing, and debt and equity raising and private placements of capital.

In January, energy minister James Robertson defended the findings of a leaked report on the feasibility of the Liquified Natural Gas (LNG) project. The People's National Party (PNP) called the report "damning" stating that pricing and supply concerns remained.

In late 2010, the project was transferred to the Office of the Prime Minister from Robertson's direct portfolio. However, Robertson said he would still be involved in the project.

In early 2010, Robertson announced his administra-tion's intention to diversify the island's energy sources via the establishment of a floating regasification unit to process imported liquified gas. He said then that the change would save approximately US$350 million on the country's annual oil bill. A consortium comprising local consultant company Caribbean LNG Jamaica, Belgian company Exmar and Colombian gas distribution firm, Promigas, was given the nod to implement the million-dollar project.

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Foreign investment bankers win Jamaican LNG project consultancy