MOL’s Uruguayan FSRU project still intact

Mitsui OSK Lines (MOL) has reached a basic agreement with Gas Sayago, a joint venture between Uruguay’s state oil company ANCAP and state power company UTE, to continue the floating storage and regasification unit (FSRU) project led by Gas Sayago.

The government of Uruguay recently cancelled its contract with GNLS, a 50-50 joint venture between ENGIE of France and Marubeni Corporation, and announced plans to continue the project by using MOL’s FSRU.

MOL also reached a basic agreement with Gas Sayago to go ahead with the project under the new project structure.

In October 2013, MOL signed a 20-year charter contract for an FSRU in the port of Montevideo, Uruguay, with GNLS, which was entrusted with the construction, ownership, and operation of the terminal project. This is the first FSRU project in which MOL will solely build, own, and operate the facility.

The FSRU that will serve the project is under construction at Daewoo Shipbuilding & Marine Engineering (DSME) in South Korea. It will be equipped with the largest LNG storage tank (263,000 cbm) of any FSRU in the world, and is expected to arrive in Uruguay and be ready for service in mid-2017.

“MOL anticipates continued growth in the FSRU field, and is aggressively seeking new opportunities,” the Japanese shipping line said in a release today.

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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