Sevan Marine has announced that its subsidiary, HiLoad LNG AS, has entered into a Technology License Agreement with Vires Energy Corp. Ltd for an LNG receiving and regasification terminal in the Philippines.
Vires decided to move forward with the project following a feasibility study that was carried out in 2015. A separate engineering service contract has also been agreed with HiLoad LNG. Payment under the license agreement is subject to Vires constructing and operating the regasification terminal. Construction is currently expected to start in 2016.
Lars Ødeskaug, who is responsible for Sevan Marine’s LNG efforts, said: “We are very pleased that Vires came to us with their regasification requirements, and we look forward to working with Vires on this ground-breaking project. We believe there is a significant market for this solution, which provides clean gas as fuel for power plants and fills a niche in size below the more traditional FSRUs. We hope that the Vires contract is the first of many.”
Edited from press release by Callum O'Reilly
Read the article online at: https://www.lngindustry.com/regasification/11012016/hiload-lng-and-vires-sign-technology-license-agreement-1853/