MOL & Gaz System Enter into Agreement on FSRU Project in Poland

Source: 4/25/2024, Location: Europe

Mitsui O.S.K. Lines, Ltd. (MOL; President & CEO: Takeshi Hashimoto, Headquarters: Minato-ku, Tokyo), announced that it has signed a long term Time Charter Party (TCP) Agreement, through its 100% subsidiary, for one Floating Storage and Regasification Unit (FSRU)(Note 1) with the Polish Gas Transmission System Operator, GAZ-SYSTEM S.A. (Gaz System), the project developer and operator behind the future LNG terminal. The FSRU will be constructed by HD Hyundai Heavy Industries shipyard (HQ: South Korea) and is expected to be completed in 2027, and thereafter will be managed by the MOL group.

The project involves the construction of a new floating LNG receiving terminal approximately 3 km offshore from the Polish port of Gdansk (the "Project") and the vessel will play a key role in the terminal as receiving and storage facility. This will be the first FSRU to be deployed in Poland, which will contribute to the strategic strengthening of the country's energy security. The project is also of great interest to Europe, as it has been designated by the EU as a "Project of Common Interest", an infrastructure development project that contributes at a regional level.

MOL Group Vision is to develop various social infrastructure businesses centered on the ocean shipping business and meet the changing needs of society, including environmental conservation, through the evolution of technology and services. In addition to the MOL Group Vision, this project is also consistent with the expansion of offshore and non-shipping businesses set forth in the "BLUE ACTION 2035" group management plan, as well as the "MOL Group Environmental Vision 2.2," which calls for measures to "Expand Low-carbon/decarbonized business by leveraging the Group's collective strengths." This Project is also a pioneering project for the Regional Strategy set out in "BLUE ACTION 2035", as it is a project being promoted and led by the regional organization in Europe and Africa. With these contributions to the sustainable development of society and the preservation of nature, from the blue oceans, we sustain people's lives and ensure a prosperous future.

(Note 1) FSRU (Floating Storage and Regasification Unit) is a floating facility and equipped with storage tanks and a regasification facility that receives liquified gas at sea, vaporizes it and sends it ashore. FSRU has the advantages of lower cost and shorter construction period than those of the equivalent facilities onshore.

For more information on this FSRU project, please refer to the February 2, 2024, press release: MOL Selected as Preferred Shipowner for Newbuilding FSRU for Gaz System

Main Dimensions: Length 294.00 m; Width 46.00 m
LNG Storage Capacity: 170,000 m3
Shipyard: Hyundai Heavy Industries
Scheduled Completion Date: 2027

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