MOL buys into Russian FSU project

Japan’s Mitsui OSK Lines (MOL) has signed a letter of intent with Russia’s State Transport Leasing Company (GTLK) for the potential acquisition of 49% of the shares of the floating storage unit (FSU) owner companies, which are currently 100% owned by GTLK, in relation to the huge LNG transhipment projects in Kamchatka and Murmansk.

The FSUs earlier entered into bareboat charter agreements with Arctic Transshipment, a joint venture of Novatek and TotalEnergies, that will provide transhipment services to Novatek’s LNG projects by reloading LNG cargoes from ice-class LNG carriers to conventional LNG carriers.

Two FSUs with the world’s largest storage capacity of about 360,000 cu m will be placed at Bechevinskaya Bay in Kamchatka and Ura Bay at Murmansk. The two FSUs are currently being constructed at Daewoo Shipbuilding & Marine Engineering (DSME) in South Korea. MOL has been supporting the construction from the technical and engineering perspective, in particular the basic design, plan approval and site supervision works.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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