Right-sized LNG solutions

Mid-scale LNG – Time to Deliver Roland Fisher, CEO, Gasfin Development SA Platts Caribbean Energy - January 2013

Gasfin introduction

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Gasfin: Right-sized LNG solutions

Gasfin and its subsidiaries have a unique track record in the design and delivery of mid-scale LNG plant

‒ Designed and delivered the first mid-scale mixed use LNG carrier - Coral Methane, 7,500m3 (2009)

‒ Designed and delivered the first mid-scale LNG liquefaction plant - Xinjiang, 400,000ktpa (2004)

‒ Market leading provider of gas plant to 120+ cryogenic gas carriers

‒ Designed and delivered 50+ LNG & petrochemical terminals

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Gasfin controls the resources to design, finance, deliver and operate mid-scale LNG infrastructure: LNG at every step, in every size, on land or sea, across the globe.

Developing LNG projects requires expertise, capital &project management

Gasfin

•Dedicated multi-disciplinary project development team

•50% shareholding TGE Marine

•40% shareholding in TGE Gas TGE Marine

•Market leader in cryogenic gas

handling systems for ships and offshore

units

Caledonia Investments

•UK equity investor •50% TGE Marine

TGE Gas •Leading contractor

for bulk storage of cryogenic gases

CIMC •World leading

infrastructure equipment manufacturer

•Majority shareholding in TGE Gas

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Right sized LNG solutions involve multiple technical components, testing multiple disciplines

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Required experience Rationale Gasfin / TGE

Designed & delivered : LNG receiving (Regas) terminals

Core activity for LNG importation

Designed & delivered: Floating cryogenic storage

Floating plants ideal for fast build, quick approval, and scarce land

Designed & delivered: ‘Type C’ LNG cargo tanks

Only tank design able to withstand pressure build up from LNG storage

Designed & delivered: Shallow draft gas carriers

Design critical for delivering LNG to shore in shallow waters

Designed & delivered: LNG truck loading systems

Offers fast track onshore LNG distribution option

Turnkey, fixed price service, with full EPC bonding

Ensures risk for equipment performance remains with TGE/Gasfin

Integrated project developer and gas engineer

Improves design flexibility and accelerates project timeline

Developments in supply…

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Gasfin developing mid-scale LNG export plant in JV with Government of Trinidad and Tobago

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Above: Example of mid-scale LNG production plant developed by Gasfin subsidiary,TGE, in Urumuchi, China (2004)

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Why Mid-scale LNG production works for T&T

• Captures long term premium market for T&T gas in Caribbean

• Demonstrates genuine T&T commitment to fuel the region

• Stimulates jobs and ~$400m new investment in La Brea

• Provides unique opportunity for direct local participation in LNG production

• Spurs incremental gas exploration, without crowding out other projects

• Allows gradual regional gas adoption – grow production with demand

• Positions Trinidad as pioneer of mid-scale export

• Wholly financed by private sector, with proven technology, 30 month build

This document is being furnished on a confidential basis and the information contained herein may not be reproduced or provided to others without the prior written consent of Gasfin

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Mid-scale LNG captures value of land, utilities, & location to offer reliable, competitive gas supply

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EDF is project anchor – needs 400ktpa LNG delivered by dedicated carrier and two FSRUs

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Operational details • Proven, reliable components, high

redundancy with minimal maintenance • Side-by-side LNG carrier unloading using

conventional hard arms • Regasification using air vaporizers • 25+ year docking interval

• Tank design increases operational flexibility Environmental details • Air vaporizers have no impact on sea • Leak proof tank rules out gas venting

• “Clean ship” per classification rules • Electricity generated with gas fuelled gen sets

Technical specifications: FSRU • Length: 114m; Width: : 32m • Depth: 18m; Draft: : 7m • Containment: 2 x IMO type “C“ cylindrical tanks

• Max. send out capacity: 50t/h • Spread moored, 12 anchors

25,000m3 FSRU for Martinique/Guadeloupe

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Gasfin seeking further LNG commitments for 100,000tpa spare capacity and/or 2nd train

Market LNG Volume St Martin / St Barth Grenada <50,000 St. Vincent Target markets for excess capacity Antigua from first or future LNG trains St. Lucia <100,000 Sint Marten

Grand Cayman Bermuda Guatemala Barbados <250,000 Markets that might be aggregated US Virgin Islands to anchor future trains Aruba/Curacao Bahamas

Panama Honduras 300,000 to Markets that alone might anchor a new Dominican Republic 600,000 300ktpa+ train if gas allocated Jamaica

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Even with gas, co-ordination and aggregation is not easy across distances and jurisdictions

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Trinidad

Grenada

St. Lucia

Barbados

St. Martin/ St. Barth

Dominican Rep. Virgin Islands

Aruba

Bermuda

Bahamas

Grand Cayman

Guatemala Honduras

Jamaica

Panama

French Antilles

Curacao

What next for 2013….

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Economic attractions of conversion are sensitive to feed gas prices

Cost base for Mid-Scale LNG Value Chain (US$/mmbtu)

1. Feed Gas Costs ??

2. Liquefaction Cost (est. for 250-500,000ktpa)

~$3.50-4.50

3. Shipping (sensitive to size/distance)

$1.25-$2.50

4. Storage and Regas (sensitive to size/distance/site)

$1.75-$3.00

Total Cost of Delivered Gas Feed Gas + $6.50-10.00

Feed gas pricing:

Trinidad • Net-backs must be competitive with

all alternative uses for gas • Since LNG strategy is political,

externalities are also important – both positive and negative

Alternative sources of gas • Colombia • US • Venezuela ?

Conclusion: Reliable, low cost natural gas supply could drive widespread conversion to LNG, provided producers target smaller markets

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• 35-acre site • No direct industrial or

residential neighbors • Deep water access

along Calcasieu River

Gasfin has acquired a US site and submitted DOE application for mid-scale LNG export

• Access to Henry Hub based US gas prices

• Offtake partners sought for further development

Contacts:

UK : +44 20 3432 8510 Germany : +49 228 60448 821 Luxembourg: +35 2 2644 731

Fax: +44 20 3369 9695 Email: info@gasfin.net Web: www.gasfin.net