Nakilat and Karpowership Sign MoU to Collaborate in LNG-to-power Market

Source: 10/24/2021, Location: Middle East

Nakilat and Karpowership have signed a Memorandum of Understanding (MoU) to collaborate in the LNG-to-power market and jointly own and operate Floating Storage Regasification Units (FSRUs).

Nakilat’s Chief Executive Officer Eng. Abdullah Al-Sulaiti said: “We are very pleased and excited to sign this agreement with Karpowership today. This fits very well with Nakilat’s long-term growth plan to expand and diversify our shipping portfolio and strengthens our position as a global leader in the energy transportation sector.”

Karpowership’s Chief Executive Officer Mr. Orhan Remzi Karadeniz said: “We are very excited to be working with Nakilat as this will enhance our ability to offer a one stop shop tailor-made solution to our customers through our integrated business model where we design, develop, engineer and construct our entire assets. FSRUs together with Powerships deliver energy to any country around the world, by utilizing a cleaner and more reliable fuel than many existing options”.

The MoU outlines an ambitious plan for the immediate future. Nakilat and Karpowership hope to set up a new joint venture and deliver the first FSRU by 2023.

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