GAZ-SYSTEM selected the shipowner for further arrangements of terms of delivery of the first FSRU

Source: www.gulfoilandgas.com 2/1/2024, Location: Europe

On January 30, 2024, the company has selected the best offer for the delivery and operation of the Floating Storage Regasification Unit (FSRU) intended to serve as an LNG regasification terminal in the Gulf of Gdansk. GAZ-SYSTEM will continue negotiations of the terms of the FSRU Time Charter Party agreement with Mitsui O.S.K. Lines.

MOL has 140 years of history in the international shipping industry and operates one of the world’s largest merchant fleets consisting of nearly 800 vessels. MOL’s LNG fleet is the world’s largest with almost 120 vessels including 7 FSRU units.

The shipowner was selected in a tender process; one of its stages involved the conclusion of the so-called Term Sheet agreements in November 2023 with two shipowners offering the best terms for the delivery and operation of the FSRU.

- The selection of the LNG Floating Storage and Regasification Unit supplier is an important milestone in the implementation of the FSRU Program which the Company has pursued for many months now. In the near future, we will focus on developing the detailed terms of the so-called Time Charter Party. Further, we need to obtain all necessary corporate approvals from the Company's management bodies to sign the agreement with the shipowner – said Andrzej Kensbok, Vice President of GAZ-SYSTEM Management Board.

- Being selected for this strategically important project for Poland has been a great honour for MOL and we are committed to working closely with GAZ-SYSTEM to deliver Poland’s first FSRU which would not only strengthen the energy security in Poland, but in the region in the long-term. This project also aligns with MOL’s Group Vision of realizing a sustainable society through the development of social infrastructure businesses and the provision of lower emission energy. We are confident that the vast operational and technical experience we have garnered through our 140 years of history in the industry, along with our financial capability, will enhance the project and ensure a seamless, safe and efficient service is provided to GAZ-SYSTEM – said Toshinobu Shinoda, Senior Managing Executive Officer in charge of Europe and Africa region, Mitsui O.S.K. Lines, Ltd.

Status of the FSRU Program
The Program assumes the FSRU berthed at a mooring platform approximately 3km from the shore, in the area of the Port of Gdansk between the mouths of the Vistula River branches: Smiala and Martwa. As part of the Program, also the necessary offshore and onshore infrastructure will be constructed.

In July 2023, GAZ-SYSTEM completed the process of obtaining administrative decisions for all onshore pipelines to be built under the Program. In August 2023, in an Open Season procedure, full regasification capacity of the FSRU Terminal accounting for 6.1 bcm was booked for a period of 15 years.

In December 2023, as part of the ongoing offshore engineering work, geological surveys in Gdansk were completed. They will provide the results for subsoil analysis necessary to determine the location of the landfall of the offshore gas pipeline and its route.

GAZ-SYSTEM is also exploring the potential of the construction market before launching tenders for the construction of offshore infrastructure. As part of the RFI (Request for Information) procedure, on 16 January 2024, a meeting with potential EPC contractors (Design & Build project) was held at the Company head office in Warsaw. The participants represented 20 companies experienced in delivering the largest and comprehensive projects of this type. Commissioning of the complete project is planned in 2027/2028.

In November 2023, the European Commission considered the onshore gas pipelines planned for construction as part of the FSRU Terminal eligible for loans under the National Recovery Plan (NRP) in the REPowerEU chapter on the development of infrastructure needed to meet the most urgent security of supply needs (Component G3.2. - Improving energy infrastructure and facilities to meet immediate security of supply needs for gas).

Under the Connecting Europe Facility (CEF), the European Commission awarded the LNG Gdansk project a grant for the action: "Pre-investment works to obtain a construction permit for the offshore part of PCI 6.27 LNG Gdansk (PL)". The maximum amount of the awarded grant is approximately EUR 19.6 million.


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