Awarded by Nogaholding, Bahrain’s oil and gas investment arm, the build, own, operate, transfer project comprises a Floating Storage Unit (FSU) supplied by Teekay LNG, regasification platform and offshore LNG receiving jetty which link via subsea gas pipelines to an onshore gas receiving facility, and an onshore nitrogen production facility.
To be constructed by a GS Engineering & Construction, the project will have a total capacity of 800m cu ft per day, operated under a twenty-year agreement commencing on 15 July 2018. Owned 30% each by Nogaholding and Teekay LNG and 20% each by Samsung and GIC, the $655m scheme is the first of its kind in the Middle East to be developed on a public-private partnership (PPP) scheme.
"We are thrilled to partner with GIC, who has experience with infrastructure project development throughout the Gulf region, and with Samsung, who has developed LNG regasification terminals elsewhere in the world," commented Teekay LNG ceo Peter Evensen. "In addition, we are excited to be able to dedicate and long-term charter one of our LNG carriers."
Samsung ceo Shin Kim added: "It is a great honour to have remarkable sponsorships with GIC, a leading investor with extensive experience and insight in the GCC region and also with Teekay LNG, a world class LNG shipping company with the highest technical expertise required for the project."
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