Mitsui OSK Lines (MOL) has confirmed that state-owned LNG terminal operator, Singapore LNG Corp, has signed a long-term timecharter contract for a newbuilding FSRU.
A ceremony was held in Singapore on 23rd October to officially launch the project, with all the stakeholders in attendance.
The FSRU will be built by Hanwha Ocean in South Korea and following her delivery, MOL will own, manage, and operate the unit.
She will be moored at Jurong Port in Singapore, and will play a central role in receiving, storing and regasifying LNG, and sending gas to shore.
As the first FSRU to be introduced in Singapore, it represents 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, MOL said.
As a leading FSRU player, MOL has accumulated many years of experience operating the units in diverse regions and environments, including Turkey, Hong Kong, and Indonesia.
MOL has been developing its FSRU business worldwide to meet the needs of customers who want to diversify their procurement of LNG and ensure a stable supply of energy, and has recently agreed to develop an FSRU project in Poland.
