Sevan Marine’s subsidiary HiLoad LNG has entered into a technology license agreement with Vires Energy Corporation for an LNG receiving and regasification terminal in the Philippines.
Following a feasibility study that was carried out last year, Vires has decided to move forward with the project, and a separate engineering service contract has also been agreed with HiLoad LNG providing design and engineering work.
Payment under the license agreement is subject to Vires constructing and operating the regasification terminal, Sevan Marine said in a release.
Construction is currently expected to start in 2016.
“HiLoad LNG is in dialogue with other potential clients for similar terminals in Southeast Asia and Latin America,” the company added.
Lars Ødeskaug, who is responsible for Sevan Marine’s LNG efforts, commented: “We believe there is a significant market for this solution, which provides clean gas as fuel for power plants and fills a niche in size below the more traditional FSRUs.”
After much talk for many years, the Philippines is finally getting around to building LNG infrastructure across the archipelago with a host of LNG terminals slated.