Condor Receives Feedgas Allocation for Its LNG Project in Kazakhstan

CALGARY, Alberta, Jan. 22, 2024 (GLOBE NEWSWIRE) -- Condor Energies Inc. (“Condor” or the “Company”) (TSX:CDR), a Canadian based energy transition company is pleased to announce that it has received a natural gas allocation (the “Gas Allocation”) from the Government of the Republic of Kazakhstan (Kazakhstan”). The Gas Allocation will be used as feed gas for the Company’s first modular liquefied natural gas (“LNG”) production facility.

The feed gas will be liquefied to produce up to 350 Tonnes per day (210,000 gallons per day) of LNG, which can fuel approximately 125 rail locomotives or 215 large mine haul trucks (150 Tonne haul capacity). The CO₂ emission reductions associated with using this LNG volume to displace diesel fuel equates to removing over 31,000 cars from service annually.

The Company has also acquired 12 hectares of industrial land where the first modular LNG facility will be constructed. Front-end engineering and design is complete and detailed engineering will commence shortly. Discussions are underway with end-users to confirm LNG volume commitments and the Company is reviewing project funding alternatives before proceeding with construction.

Don Streu, President and CEO of Condor commented: “We are very happy and appreciative to receive this Gas Allocation that advances our vision of producing Kazakhstan’s first LNG. This is a significant milestone as Kazakhstan has been experiencing natural gas shortages, which was impacting our ability to secure a long-term LNG feedstock gas supply contract.

Our LNG initiative fully supports the Government’s strategy to materially expand the Trans-Caspian International Transport Route (“TITR”), which links a major Asian trade route with Europe. Our LNG can be used as a domestically produced low carbon fuel as a substitute for diesel to address the increased usage of rail locomotives and transport trucks between China and the Caspian Sea, and the marine vessels used to cross the Caspian Sea. Given the geo-political situations in Russia and the Middle East, the TITR is even more vital to expedite timely trade and transportation between Asia and Europe. Condor is working closely with Kazakhstan’s national railway and marine companies to implement an LNG solution in 2025.