Japan’s shipping major Mitsui O.S.K. Lines (MOL) and Singapore’s state-owned LNG terminal operator Singapore LNG Corporation Pte. Ltd. have inked a long-term time charter contract for one floating storage and regasification (FSRU) newbuild.
The FSRU will be built at Hanwha Ocean Co., Ltd. in South Korea. After delivery, MOL will own, manage, and operate the FSRU.
The 299m vessel will have an LNG storage capacity of 200,000m3 and will be moored at the Jurong Port in Singapore.
The two partners claim that – this first FSRU to be introduced in Singapore – is an infrastructure project that will contribute to a stable supply of energy for the country, where about 95% of domestic power generation is fuelled by imported natural gas.
An event was held in Singapore on October 23 to officially launch this project, with all parties in attendance.
MOL said the FSRU will play a central role in receiving, storing and regasifying LNG, and sending gas to shore.
MOL has been developing its global FSRU business to meet the needs of customers who want to diversify their procurement of LNG and ensure a stable supply of energy. It has recently entered into an agreement on an FSRU project in Poland.
