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Mitsui in first FSRU foray with BW joint venture

Mitsui & Co is entering the FSRU space in a joint venture with Singapore-headquartered owner BW Group.

Mitsui is taking a 49% stake in a joint venture that will own the FSRU BW Integrity which is destined for a long term lease in Pakistan.

The joint venture will lease the FSRU to PGP Consortium will which in turn provide LNG regasification services to Pakistan LNG Terminals. The FSRU will be located in Karachi Port and have project cost of $310m with it expected to start operations between end November and mid-December for a period 15 years.

The BW Integrity is built by Samsung Heavy Industries and BW's second FRSU project with a sistership BW Singapore currently on a five contract in Egypt.

The joint venture is Mitsui's first FSRU project.

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