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Hoegh LNG secures Chile FSRU contract, looking to expand fleet

Hoegh LNG secures Chile FSRU contract, looking to expand fleet
Hoegh LNG Holdings has secured a 20-year contract for one of its newbuild FSRUs with Chilean project development company Octopus LNG.

The unit is expected to generate operational earnings of $36m a year during its deployment at the Penco-Lirquén LNG import terminal, due to be located in Concepción Bay, Chile.

The contract hinges on Octopus securing environmental approvals and financing, with start-up scheduled for the second quarter 2018 if all goes to plan.

"With this contract we have full contract coverage for our FSRU fleet and are therefore contemplating the next step in our FSRU expansion program," commented Höegh LNG president and ceo, Sveinung Støhle.

Octopus general manager, Alfonso Ardizzoni, added: "We appreciate Höegh LNG's FSRU expertise, which allowed us to present a competitive and successful bid in the recent public tender process ran by the Comisión Nacional de Energía for the supply of electricity to distribution companies in the Sistema Interconectado Central, the Chilean main electric grid."