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Höegh to provide FSRU for LNG import project in Pakistan

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LNG Industry,

Höegh LNG Holdings Ltd has announced that it has signed a contract with Global Energy Infrastructure Ltd (GEIL) to provide a floating storage regasification unit (FSRU) for GEIL’s LNG import project in Port Qasim, near Karachi, Pakistan.

The charter is for a 20-year period with two five-year extension options. It is expected to generate an annual EBITDA of approximately US$36 million. The contract is subject to approval by both parties’ boards.

The contract follows a long-term LNG supply agreement signed on 29 September 2016 between GEIL and Qatargas.

The construction of the terminal is scheduled to begin in early 2017, with start-up expected in 2Q18. The FSRU will be supplied from Höegh LNG’s FSRU portfolio, including units under construction, the planned conversion FSRU, or from new FSRUs on order.

Sveinung J. S. Støhle, Höegh LNG's President and Chief Executive Officer, said: "We are delighted to have been awarded the contract with GEIL for their new LNG import terminal in Pakistan, and look forward to completing the project together with our client and the other partners. Our modern FSRU solutions offer our client the quickest, the most cost-efficient and the flexible way of importing LNG. With this contract we have full contract coverage for our FSRU fleet of nine units on the water and under construction."

Ahmet Caliskan, GEIL's Group CEO, added: "We are delighted to conclude this 20-year agreement between GEIL and Höegh LNG. As the leading provider, we have full confidence in Höegh LNG's modern FSRUs and management capacity. In addition to this major milestone, we have already executed a 1.3 million tpy for 20 years LNG supply with Qatargas. Furthermore, we are near signing an additional 3 million tpy of LNG supply with two major LNG producers as well as nearing to sign the EPC contract for the facility. Being the first private LNG project in Pakistan, this terminal is a landmark energy investment, which will give gas purchasers the opportunity to access competitive long-term gas supply from the world's safest and reliable LNG producers and will help to secure the nation's energy requirements."

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Pakistan LNG news LNG import news