Participation agreement reached for FLNG project in Uruguay

Japanese company Marubeni Corp. has reached an agreement with GDF Suez of France on collaboration in the offshore LNG receiving terminal project in Uruguay for providing LNG receiving, storage and regasification services.

GDF Suez’s affiliate Interntional Power S.A. (IPSA) of Belgium has developed such services and has executed the Shareholders Agreement.

Marubeni and IPSA created GNLS S.A. (GNLS) in Spain on a 50/50 basis. This will be incorporated in Uruguay as a wholly-owned subsidiary of the two companies.

The project

The project itself consists of the construction of one of the world’s largest floating storage and regasification units (FSRU) approximately 2 km offshore in the La Plata River near the Uruguayan capital Montevideo. It will provide LNG receiving, storage and regasification services for a total of 15 years from the start of commercial operations.

The terminal usage agreement was executed on 1 October 2013 between GNLS and Gas Sayago S.A. created by National Administration of Power Generation (UTE) and Transmission and National Administration of Fuels, Alcohol and Portland Cement (ANCAP) on a 50/50 basis. It is scheduled to commence commercial operation of the initial phase in July 2015.

This is the first offshore LNG receiving terminal project in Uruguay. Beginning with this project, Marubeni is aiming for global expansion in the business area of offshore LNG receiving terminal projects in the future.

Adapted from press release by Ted Monroe

Read the article online at: https://www.lngindustry.com/regasification/17032014/participation_agreement_reached_between_marubeni_and_gdf_suez_on_uruguay_flng_project/