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.

Posted 27 September 2019

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Editor, Seatrade Maritime News Marcus Hand is the editor of Seatrade Maritime News and a dedicated maritime journalist with nearly two decades of experience covering the shipping industry in Asia. In addition to running Seatrade's maritime and offshore news website based from Singapore he is the Asia Editor of Seatrade Maritime Review. Marcus is also an experienced industry commentator and has chaired many conferences and round tables. Prior to joining Seatrade at the beginning of 2010 Marcus worked for shipping industry journal Lloyd's List for a decade and previous to that the Singapore Business Times covering shipping and aviation.

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