Qatar’s Nakilat has signed an agreement with Excelerate Energy to establish a JV company which will see it acquire a 55% interest in floating storage regasification unit (FSRU) Exquisite.
The Exquisite is currently operating at Pakistan’s Port Qasim and will be the first FSRU to join the Nakilat fleet.
Abdullah Al Sulaiti, CEO of Nakilat, commented: “We are extremely proud to be the first Qatari company to acquire ownership in an FSRU in an effort to maintain our leadership in energy transportation and simultaneously support the country’s position as the top exporter of clean energy worldwide. Excelerate Energy is a well-recognized global leader in floating LNG regasification solutions, and this agreement marks the beginning of our penetration into the FSRU market. This opens up a new business avenue for Nakilat to sustain its long-term growth and development strategies, which in turn will further maximize value and returns for our shareholders. We shall continue to develop in-house capabilities to establish and develop know-how in the management of FSRUs to achieve the company’s vision in becoming a global leader and provider of choice for energy transportation and maritime services.”
Exquisite has a capacity of 150,900 cu m and has received 10.4m tonnes of LNG since 2015, mostly from Qatar.
“We are incredibly pleased to be entering into this important foundational relationship with Nakilat. Excelerate’s FSRUs ensure rapid-to-market and reliable LNG solutions that complement our integrated services along the entire LNG value chain. In 2017, the FSRU Exquisite’ delivered more regasified LNG ashore than any FSRU in history,” added Steven Kobos, managing director of Excelerate Energy.