Mitsui, LTW ink Wilhelmshaven FSRU deal
- Business developments & projects
Mitsui O.S.K. Lines (MOL) and LTW (LNG Terminal Wilhelmshaven) have signed a build and charter deal for the Wilhelmshaven FSRU.
The vessel will serve the LNG import terminal to be built in Wilhelmshaven on the North Sea. The project is being developed by LTW, a Uniper company.
The 263,000-cbm FSRU will be built by the South Korean Daewoo Shipbuilding and Marine Engineering (DSME) yard. Under the newly signed agreement, LTW will charter the vessel for a 20-year period.
The vessel will be moored off the coast of Wilhelmshaven and linked to the German gas transmission system by a short connection line.
Wilhelmshaven is the only German deep-sea port and offers an optimal infrastructure for the landing of LNG tankers of all sizes.
A competitive tendering process is expected to be carried out in the summer of this year to check the binding interest expressed by potential customers. After the approval process for the project has been completed, the final investment decision is made on the basis of cost-effectiveness, Uniper said.
The LNG market has developed very dynamically in recent years. Despite the addition of LNG terminals in Europe in recent years, further expansion is necessary due to the significantly declining domestic production of natural gas. It will also aid the European energy transition, Uniper said.