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With a constant rise in natural gas prices in Brazil and the fuel crisis, Cosan stated that the new terminal located in the Port of Santos will be delivered on schedule and will not be influenced by the current scenario
Last Monday (16/05), Cosan informed that the current scenario of high natural gas prices within the domestic market will not interfere with the construction project of the new terminal located in the Port of Santos, in São Paulo. In addition, the company also highlighted that the deadline for delivery of the structure will remain the year 2023 and that the project will continue with its initial planning for completion.
Brazil is facing a crisis in natural gas prices, but the new terminal at the Port of Santos will not be affected by the current scenario, says Cosan
The Brazilian market is in a moment of instability after Petrobras announced a new increase in natural gas prices in May and, with that, several projects in the port sector and in the oil industry are threatened. Among them, Cosan's new terminal in the Port of Santos is one that could be impacted by the current moment, but the company said that the project is proceeding as expected and will not be affected by the values.
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The São Paulo Regasification Terminal is part of the expansion plan of Compass, the group's company for the areas of distribution, infrastructure, commercialization and gas generation, and is expected to be delivered in 2023. Thus, with the scenario current situation involving the rise in natural gas prices, stability in terms was threatened. But the president of Cosan confirmed that the final deadline will remain the same and that the terminal at the Port of Santos could start operating as early as next year.
In addition, the company also stated that the new terminal project at the Port of Santos is a structuring initiative that will allow the company, in a long-term perspective, to contest the current prices of natural gas. Furthermore, the other focus of the undertaking is the diversification of Comgás' supplies, through a new structure in the region. With that, Cosan points out that the construction plan is in full swing and should be accelerated throughout 2022.
The company points out that agreements for the project of the new terminal in the Port of Santos were signed before the crisis in natural gas prices
Cosan also took the opportunity to point out that all agreements signed for the lease of the FSRU (floating regasification and storage unit) and for the contracting of natural gas molecules were signed before the crisis in fuel prices. In this way, the project will continue to follow these tenders, even if the national and international markets are in a moment of instability regarding the commodity.
Thus, Cosan's CEO, Luís Henrique Guimarães, highlighted that this position was previously established and stated that “We have more competitive terminal construction costs than if we had started now [the project]. Our vision is to maximize returns over the multi-year cycle. We do not foresee any difficulties [with the progress of the project], it was a position built before the crisis”.
Finally, he commented on the expectation of the project known as Gaspetro and stated that Cosan expects from the executive is that the Administrative Council for Economic Defense (Cade) completes the analysis of the deal by July. Thus, Cosan and Compass will continue with all their plans for 2022 as planned during the last few years.
