MOL and LTW sign FSRU construction and charter contract

LTW is the project developer and operator behind the future LNG terminal in Wilhelmshaven and a fully owned subsidiary of Uniper S.E. The FSRU will be built in a shipyard belonging to South Korean company DSME (Daewoo Shipbuilding Marine Engineering Co., Ltd., Geoje, Korea), and then chartered by LTW for 20 years. It has been planned and custom designed by the two contracting parties in accordance with the local and environmental requirements for the German market and the Wilhelmshaven site.

The FSRU constitutes the heart of the future terminal and will make it possible to offload, store and regasify LNG for the German market. It will be moored off the coast not far from Wilhelmshaven and will handle incoming LNG tankers there. The regasified gas will then be pumped from the FSRU along a short connecting pipeline under the sea to the port facilities and finally fed into the German gas transmission network. This eliminates the need to construct complex regasification facilities on land. This optimised planning will minimise the environmental impact both on land and on the seabed by a non-disruptive crossing of the natural habitat identified in the environmental studies.

Uniper Member of the Board and COO David Bryson says:

“The agreement to build and charter this FSRU is an important milestone for both parties on the journey to establishing an LNG terminal in Wilhelmshaven; it underlines the joint desire for collaboration on this ambitious project. This new agreement will build on the successful and trusting collaboration with MOL on previous major projects in the LNG ship market. The LNG terminal in Wilhelmshaven is a long-term project based on the prediction that demand for imported natural gas on the German and European energy markets will increase significantly over the coming years. Based on Uniper’s many years of experience in the European gas business and project management, LTW is pushing ahead with the terminal project in Wilhelmshaven to give companies from all over the world optimal access to customers in Europe – and, vice versa, to open up a new supply channel for customers.”

MOL Executive Officer Hiroyuki Nakano says:

“We are excited to move one step further to materialise Germany’s first LNG receiving project. Our floating storage and regasification unit of some 263 000 m³ storage capacity is of a unique tailored design to meet all customer requirements to provide economical regasification service and comply with German Environmental Regulations. Our mission from this special moment is to execute the project and deliver the unit on time. MOL has expanded its global FSRU business over the past few years. We are confident that our operational and technical experience gained will enhance the project in Germany and provide a seamless, safe and efficient service to LTW.”

Read the article online at: https://www.lngindustry.com/floating-lng/26052020/mol-and-ltw-sign-fsru-construction-and-charter-contract/