GAZ-SYSTEM has concluded agreements (Term Sheet) with two shipowners that set out the framework conditions for the delivery and use of the first Floating Storage Regasification Unit (FSRU) vessel, which is to serve as a regasification terminal in the Gulf of Gdansk. A tender process is still underway to select one supplier from the two pre-selected in the second stage, with which a charter agreement will be signed (Time Charter Party). Regasification services are planned to start in early 2028.
The Term Sheets were signed with two entities selected during the tender procedure: Mitsui O.S.K. Lines and BW LNG. The agreements regulate the most important terms of the future charterparty, such as the vessel delivery date, the obligations of the parties, the consequences of delayed delivery, and the charter period. The provisions of the Term Sheet do not constitute binding obligations for the parties but set out the 'roadmap' for further negotiations of the charterparty and their essential content will be reflected in the final charter agreement, which GAZ-SYSTEM plans to conclude with one of these entities for a period of 15 years.
Both companies are leaders in the FSRU industry. BW LNG is a wholly-owned affiliate of BW Group, a leading maritime company with over 490 vessels transporting oil and gas, 33 of which are LNG carriers and FSRUs. Japanese Mitsui O.S.K. Lines owns 111 LNG vessels, including the world's largest FSRU called Bauhinia Spirit.
“We have completed a key stage in the procedure to select the supplier of the FSRU vessel. Separate conditional preliminary agreements known as Term Sheets have been signed with two entities. For further negotiations, we have selected experienced companies with the know-how and relevant production and financial background. The construction of the FSRU Terminal in the Gulf of Gdansk is currently our company's most important investment project,” said Marcin Chludzinski, GAZ-SYSTEM President.
Read the article online at: https://www.lngindustry.com/regasification/16112023/gaz-system-selects-two-potential-suppliers-of-fsru-in-gdansk/
You might also like
LNG Industry asked several companies to discuss some key factors regarding LNG insulation in our recent November 2023 issue of the magazine.