MOL and Vopak agree to jointly own and operate FSRU for new Hong Kong LNG terminal

MOL and Vopak agree to jointly own and operate FSRU for new Hong Kong LNG terminal

Vopak will acquire 49.99 percent of the vessel owning company of MOL that owns a floating storage and regasification unit (FSRU) MOL FSRU Challenger, to be renamed Bauhinia Spirit.

MOL and Vopak will jointly own and operate the FSRU and provide jetty operations & maintenance and port services for a new FSRU-based offshore LNG terminal in Hong Kong.

MOL and Vopak through the new FSRU based-terminal contribute to the energy transition in Hong Kong.

MOL and Vopak aim to explore further downstream opportunities for bunkering of LNG as a cleaner marine fuel in Hong Kong.

The FSRU has a storage and regasification capacity of 263,000 cbm and 800 mmscfd, respectively. Under the contract, the joint venture will provide the FSRU as well as jetty operations & maintenance and port services.

The offshore jetty platform for the mooring of the FSRU and LNG carriers are owned by Hong Kong LNG Terminal Limited. The terminal is currently under construction and is expected to be operational around mid 2022.

The terminal will be located offshore about 25 km southwest of Hong Kong Island. The terminal will provide natural gas feedstock to the customer’s dedicated power plants. It is being developed to support the Hong Kong Special Administrative Region (HKSAR) government’s target to improve air quality and environmental conditions by increasing the percentage of power generation by natural gas.

“An ideal complementary relationship works by combining Vopak’s many years of experience as a terminal operator for oils, chemicals and liquefied gas with MOL’s know-how of LNG carrier and FSRU operation. MOL looks forward to further working with Vopak on this promising project and feels confident that with our joint forces, we will be able to establish a safe and reliable operation structure for the Hong Kong FSRU project. ” said Takeshi Hashimoto, president & CEO of MOL.

Eelco Hoekstra, chairman of the executive board & CEO of Royal Vopak, added: “We very much look forward to further strengthening our partnership with MOL and to actively contribute together to the energy transition policy of the government in Hong Kong. This cooperation gives Vopak an excellent entry in the growing LNG market in Hong Kong and fits our ambition to  diversify our service offering in LNG by investing in FSRUs.”

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16th December 2021