Mitsui O.S.K. Lines, Ltd. (MOL; President & CEO: Takeshi Hashimoto) today announced an agreement with Singapore LNG Corporation Pte. Ltd. (Headquarters: Singapore), Singapore's state-owned LNG terminal operator, on a long-term time charter contract for one newbuilding FSRU (Note 1). An event was held in Singapore on October 23 to officially launch this project, with all parties in attendance. The FSRU will be built at Hanwha Ocean Co., Ltd. in South Korea. After delivery, MOL will own, manage, and operate the FSRU.
The FSRU will be moored at the Jurong Port in Singapore, and will play a central role in receiving, storing and regasifying LNG, and sending gas to shore. This first FSRU to be introduced in Singapore is an infrastructure project that will contribute to a stable supply of energy for the country, where about 95% of domestic power generation is fueled by imported natural gas.
As a leading player in FSRU solutions, MOL has accumulated many years of experience operating FSRUs in diverse regions and environments, including Turkey, Hong Kong, and Indonesia, and has earned a high level of trust from its customers. MOL has been developing its FSRU business around the world to meet the needs of customers who want to diversify their procurement of LNG and ensure a stable supply of energy, and it has recently entered into an agreement on an FSRU project in Poland.
MOL Group Vision is to develop a variety of social infrastructure businesses in addition to traditional shipping businesses and will meet the evolving social needs including environmental conservation with innovative technology and services. This project is in line with the growth of non-shipping businesses set forth in the "BLUE ACTION 2035" management plan and the strategy of "Expanding low-carbon/decarbonized business by leveraging the group's collective strengths" in the "MOL Group Environmental Vision 2.2," in addition to the MOL Group Vision.
