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The two companies are partnering in LNG processing to support the global transition to cleaner energy sources.
United Energy Corp. (UNRG), a natural gas-producing energy company, entered a joint venture partnership with Bridge Energy, LLC to leverage the companies’ insights to expand UNRG’s processing capabilities of LNG.
“This partnership will enable us to capitalize on the growing demand for LNG and meet the energy needs of diverse industries and markets,” said Brian Guinn, CEO of UNRG.
The partnership provides UNRG with scalable gas liquefaction systems to install on its assets in the U.S. regions of Oklahoma and Kansas so the company can open new markets in areas seeking to switch from heavy-burning fuels such as diesel to LNG.
“LNG offers numerous benefits as a sustainable energy solution,” said Guinn. “Combining our expanding natural gas production capabilities with cutting-edge LNG liquefaction processing technologies, we will streamline the production, storage, and transportation of LNG. This benefits the environment as well as new customers, especially in regions with limited pipeline infrastructure.
“Revenue from the sale of LNG offers a considerably higher yield on the same molecule of gas. Shareholders should see this as a significant evolution of our business model.”
The first system, provided by Arc Energy and capable of producing up to 7K gallons of LNG per day, is expected to be installed in Q42023. If successful, UNRG intends to rapidly increase production capability throughout 2024.