MOL has signed an agreement with Singapore LNG Corporation, Singapore’s state-owned LNG terminal operator, on a long-term time charter contract for one newbuilding Floating Storage and Regasification Unit (FSRU), a floating facility capable of receiving and storing LNG offshore, regasifying it, and sending it to shore. FSRUs have the advantage of lower costs and shorter construction periods compared to constructing storage tanks and regasification facilities onshore.
An event was held in Singapore on October 23 to officially launch this project. The FSRU will be built at Hanwha Ocean in South Korea. After delivery (scheduled for 2027), MOL will own, manage, and operate the FSRU.
The FSRU will be moored at the Jurong Port in Singapore, and will play a central role in receiving, storing and regasifying LNG, and sending gas to shore. This first FSRU to be introduced in Singapore is an infrastructure project that will contribute to a stable supply of energy for the country, where about 95% of domestic power generation is fueled by imported natural gas.
Photo credit: MOL. At the launch event, CEO, Singapore LNG, Leong Wei Hung (front left), senior managing executive officer, MOL, Hisashi Umemura.
