Norway’s Höegh LNG has signed an FSRU contract with Global Energy Infrastructure Limited (GEIL) for an LNG import project in Port Qasim near Karachi in Pakistan.
The 20-year charter will see the FSRU used in Pakistan’s first private LNG import terminal, with GEIL having signed a long-term LNG supply agreement with Qatargas.
Höegh LNG said the charter is expected to generate around $36m EBITDA each year, and GEIL has two additional five-year options in addition to the firm period.
Sveinung J. S. Støhle, president and CEO of Höegh LNG, commented: “We are delighted to have been awarded the contract with GEIL for their new LNG import terminal in Pakistan, and look forward to completing the project together with our client and the other partners. Our modern FSRU solutions offer our client the quickest, the most cost efficient and the flexible way of importing LNG. With this contract we have full contract coverage for our FSRU fleet of 9 units on the water and under construction.”
Construction of the new terminal is set to commence early 2017 with start-up scheduled in the first half of 2018.
Höegh LNG says it will utilise an FSRU from its existing portfolio, including those under construction, planned for conversion, or new builds on order.