Mitsui to Participate in FSRU Project in Pakistan

Source: www.gulfoilandgas.com 11/17/2017, Location: Asia

Mitsui & Co has entered into an agreement with BW Group to form a joint venture and to acquire a 49% stake in the JV to jointly own the Floating Storage and Regasification Unit ('FSRU') BW Integrity. The deal is expected to close as soon as the payment for the acquisition is completed. This deal is the first FSRU project for Mitsui, and the first project for a Japanese company to participate in the LNG receiving infrastructure business in Pakistan.

The JV will lease the FSRU to PGP Consortium ('PGPC') based on a long-term FSRU lease agreement and PGPC will provide LNG regasification services to Pakistan LNG Terminals Ltd ('PLTL'), a state-owned company. Pakistan began importing LNG in 2015 to cater to growing domestic demand for natural gas, and declining production of indigenous gas. The demand for imported LNG in Pakistan is expected to grow steadily and reach 20 million tons per annum by 2022. As Pakistan's second LNG receiving facility in the country, this project delivers a key energy infrastructure project of high national importance.

BW Group is a major player in the maritime oil and gas industry, with a well-diversified fleet of over 150 vessels which includes LNG and LPG carriers, floating gas infrastructure, product tankers, FPSOs, dry bulkers, chemical tankers, and possesses a long-standing and best-in-class vessel management capabilities. This is BW's second FSRU project, with the first being a sister vessel, BW Singapore, which is currently based in Egypt on a five-year charter.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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