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EPIK, Hyundai LNG Shipping join hands to develop FSRU projects

South Korean LNG project developer EPIK has penned an agreement with Hyundai LNG Shipping to develop FSRU projects on a global basis.

The strategic partnership lays out a framework for the two companies to collaborate on FSRU projects, including EPIK’s recently secured Newcastle LNG FSRU import project at Australia’s Newcastle port.

EPIK clinched the Newcastle LNG project in December last year. The project involves a 170,000-cu m capacity FSRU newbuild and associated onshore infrastructure, with a combined potential investment estimated at between $400m to $430m.

EPIK is also exploring the feasibility of additional gas-related infrastructure that would be of benefit to Australia’s New South Wales region, including potential gas-fired power and LNG bunkering facilities.

EPIK expects to place an order for the FSRU newbuild with a shipyard with scheduled delivery by early 2020.

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