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arcticfsu

MOL, JBIC and Novatek ink agreement on Arctic LNG transhipment

Mitsui OSK Lines (MOL), Novatek, and Japan Bank of International Cooperation (JBIC) have inked a cooperation agreement with a view to building floating storage units (FSUs) for transhipment of cargoes from the Yamal LNG and Arctic LNG 2 projects.

The cooperation for LNG transhipments projects envisages the building of FSU’s to positioned offshore Kamchatka and Murmansk for the transhipment of LNG cargoes from icebreaking LNG carriers to conventional LNG vessels.

The cargoes would be shipped from the Yamal LNG and Arctic LNG 2 projects in Far North Russia to the FSUs in Kamchatka and Murmansk for onwards shipment to receiving terminals in Europe and Asia.

“We have already started successful cooperation with Japanese companies in large LNG projects, including Yamal LNG and Arctic LNG 2, and, accordingly, we see great potential in expanding further this mutually beneficial cooperation,” said Leonid Mikhelson, Novatek’s chairman of the management board.

“The construction of the Kamchatka and Murmansk transhipment complexes will help to optimize logistics and maximize the efficiency of LNG deliveries from Yamal and Gydan to LNG key markets of the Asia-Pacific region, including Japan, the largest global LNG consumer. We think we will reach final arrangements for these projects by year end”.

Earlier this week saw the naming of the 174,000 cum vessel LNG Dubhe built by Hudong-Zhonghua Shipbuilding for MOL and China Coco Shipping, which will be deployed to ship cargoes from Yamal LNG. It is the fourth ice-breaking LNG carrier delivered to MOL for the project.