As reported by the Jamaica Observer, three companies have filed bids for construction and operation of a liquefied natural gas (LNG) floating storage and regasification terminal located in Jamaica.

The said companies are Exmar Marine of Belgium, Samsung C&T Corporation of Korea, and SenerIngeniería y Sisternas, SA of Spain.

The documentation is said to be submitted on Friday to the LNG Steering Committee, which is expected to evaluate the bids and select the winner by the end of June.

The idea behind the FSRU project is to cut energy costs by introducing fuel diversification.

It is said that additional production capacity is also being planned in relation to the project. Namely a utility company, the Jamaica Public Service Company (JPS) targeting a 30 % reduction of electricity costs wants to build 360 megawatt (MW) of supplementary generating capacity, powered by natural gas.