BW Group forms FSRU joint venture with Mitsui & Co

Singapore’s BW Group has announced the establishment of a joint venture with Japan’s Mitsui & Co to jointly own the floating storage and regasification unit (FSRU) BW Integrity.

Mitsui & Co has purchased a 49% share in BW Integrity, with BW owning the remaining 51% share and while also continuing to provide commercial and technical management services.

The FSRU is currently providing LNG regasification services at Pakistan’s Port Qasim under a 15-year charter to PGP Consortium.

“BW and Mitsui have a long history of close cooperation in many business areas and having Mitsui as a JV partner is a special relationship on which we hope to build for many years to come. It is our privilege to have such a well-established name in the energy and maritime investment spheres take an interest in one of our vessels,”said Carsten Mortensen, CEO of BW Group.

“Mitsui and BW have enjoyed a good relationship for many years in various shipping areas. The opportunity for us to enter the FSRU business is a very big step forward for our future business strategy. As a LNG receiving/regasification base project is an extension of the LNG shipping business area, it is important to acquire know-how of the FSRU business and to maintain effective relationships with partners like BW,” said Takeshi Setozaki, Mitsui & Co.’s chief operating officer of the Integrated Transportation Systems Business Unit II.

Yesterday, BW Offshore moved forward on a deal announced in April, closing an agreement with China’s ICBC Leasing, in which the latter has become an equity partner in FPSO BW Catcher.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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