A joint venture between Turkey’s Karpowership and Japan’s Mitsui OSK Lines, KARMOL, has received financing from Japanese banks for a floating storage and regasification unit (FSRU) in Senegal.
KARMOL reached a deal with Japan Bank for International Cooperation (JBIC) and MUFG Bank through Senegal LNGT Company for an amount up to $71m.
The FSRU will supply regasified liquefied natural gas (LNG) to a Karpowership floating power plant, Karadeniz Powership Ayşegül Sultan, which has been in operation since October 2019, supplying 15% of Senegal’s electricity.
The LNG-to-power business was established in 2019. The joint venture’s first FSRU, the 125,000 cu m KARMOL LNGT Powership Africa, which was developed by Singapore-based Sembcorp Marine, arrived in Senegal in May 2021, but the project was delayed due to high prices and market volatility.
