New Fortress Energy sets eyes on Sri Lanka as it pursues global expansion

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US LNG pioneer New Fortress Energy (NFE), which made a name for itself when it introduced LNG to Jamaica in 2016, has now set its eyes on another island state: Sri Lanka. The South Asian country, which has in the past seen a handful of projects fail to open it up to LNG, hopes that LNG will play a key role in cleaning up its energy mix and that a first cargo will reach its shores as soon as next year.

For NFE, Sri Lanka represents yet another project in its ambitious global expansion – a new and developing country where its integrated LNG-to-power model can succeed where others have failed. But despite NFE’s success rate to date, market observers warn that, as it attempts to enter even more new markets, it could begin to face regulatory and political obstacles, as well as stiffer competition from renewables.

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