Tuesday, 10 May 2016
MOL Reaches Formal Agreement toward Conclusion of a Charter Contract for Uruguay LNG FSRU Project
- Signing Ceremony Held
in Uruguay, Targeting Early Start of Operation –
TOKYO-Mitsui O.S.K. Lines, Ltd. (MOL; President & CEO:
Junichiro Ikeda) today announced that Lakler S.A., 100% subsidiary of MOL has
officially agreed to conclude a charter contract, with an eye toward reaching a
final deal in June this year, with Gas Sayago, a joint venture between
Uruguay's state oil company ANCAP and state power company UTE, for floating
storage and regasification unit (FSRU) project (*) in Montevideo, Uruguay, led
by Gas Sayago. A signing ceremony was held in Montevideo on May 2 (local time).
Lakler looks forward to swiftly finalizing negotiation of
the details allowing the project to get under way.
The FSRU that will serve this project is currently under
construction at Daewoo Shipbuilding & Marine Engineering Co., Ltd., in
South Korea. It will be equipped with the largest LNG storage tank (263,000m3)
of any FSRU in the world. After completion at the shipyard, it will travel to
Uruguay to begin LNG receiving and regasifying operations.
FSRUs receive liquefied natural gas from LNG carriers,
regasify it, and transmit it under high pressure to pipelines on land. Since
the first practical application in 2005, FSRU projects have been introduced all
over the world as an effective solution to developing LNG terminals in less
time and at lower expense than conventional land-based terminals. MOL anticipates
continued growth in the FSRU field, and is aggressively seeking new
opportunities, drawing upon more than 30 years of experience and a strong track
record in LNG loading/discharging, vessel operation, and maintenance.
(*) Please refer to the
press release on October 5, 2015:
MOL, Gas Sayago
Reach Basic Agreement on Continuing Uruguay LNG FSRU Project