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MOL and Karpowership collaborate on LNG-to-Powership business

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LNG Industry,

Mitsui O.S.K. Lines Ltd (MOL) has announced that it has agreed to collaborate with Karpower International B.V. in the LNG-to-Powership business.

According to the statement, through this collaboration, both parties are looking to become the world’s most reliable and preferred LNG-to-Powership solution provider under the brand name KARMOL. The parties are aiming to co-invest in the related assets and joint market its solution in selected markets across the globe.

The business will generate power through the Powership® by receiving regasified LNG through a floating storage and regasification unit (FSRU) to provide reliable electricity to shore grids and facilities where baseload electricity and/or replacements of fuel mode are required to meet environmental regulations.

This collaboration will ensure the following:

  • Competitive initial CAPEX construction cost and fast track solution to provide LNG to power to create immediate savings for customers and to meet the power demand.
  • Replacement of higher emission fuels by LNG to significantly reduce greenhouse gas (GHG) emissions.
  • Business synergy is assumed by combining both companies’ track records and excellence in their operations: MOL’s track record and expertise of the LNG carrier and FSRU business; and Karpowership’s track record and expertise of the Powership business.

Hereafter, MOL and Karpowership will jointly promote the LNG-to-Powership solution to provide this cost competitive and robust solution in selected markets. The parties will aim to develop a number of projects in the coming years.

Prior to this latest press release, both parties have started work on the conversion of an existing LNG carrier into an FSRU to provide regasified LNG to a Powership.

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