Shearman & Sterling advises BW on Pakistan FSRU deal
New York law firm, Shearman & Sterling informed on Monday it has advised Singapore-based BW Group on its agreement with Pakistan GasPort Limited for providing the FSRU for Pakistan’s second LNG terminal.
BW signed a 15-year agreement with Pakistan GasPort Limited (PGPL) to provide LNG regasification services utilizing a newbuild floating storage and regasification unit for the second Pakistan LNG terminal.
The vessel, currently under construction at the Samsung Heavy Industries shipyard in South Korea is scheduled for delivery in the fourth quarter of 2016. The FSRU will have a storage capacity in excess of 170,000 cbm and a peak regasification capacity of 750 mmscfd.
The project is scheduled for commissioning on June 30, 2017, at Port Qasim, Karachi.
Shearman & Sterling adds that the project will reduce Pakistan’s gas deficit by 30 percent, ensuring fuel for 3600 MW of new power generation plants currently being built in Pakistan. New power generation capacity is set to reduce power outages in the country by 80 percent.
LNG World News Staff