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MOL AND LNG TERMINAL WILHELMSHAVEN TO BUILD AND CHARTER FSRU

Tuesday, May 26, 2020 

MOL (Mitsui OSK Lines) and LTW (LNG Terminal Wilhelmshaven) have signed a contract to build and charter a Floating Storage and Regasification Unit (FSRU) for the planned LNG landing terminal in Wilhelmshaven on the North Sea.

LTW is the project developer and operator behind the future LNG terminal in Wilhelmshaven and a fully owned subsidiary of Uniper. The FSRU will be built by DSME (Daewoo Shipbuilding Marine Engineering) in Geoje, Korea, and then chartered by LTW for 20 years. It has been planned and custom designed by the two contracting parties in accordance with the local and environmental requirements for the German market and the Wilhelmshaven site.

Uniper COO David Bryson said: "The agreement to build and charter this FSRU is an important milestone for both parties on the journey to establishing an LNG terminal in Wilhelmshaven; it underlines the joint desire for collaboration on this ambitious project. This new agreement will build on the successful and trusting collaboration with MOL on previous major projects in the LNG ship market. The LNG terminal in Wilhelmshaven is a long-term project based on the prediction that demand for imported natural gas on the German and European energy markets will increase significantly over the coming years. Based on Uniper's many years of experience in the European gas business and project management, LTW is pushing ahead with the terminal project in Wilhelmshaven to give companies from all over the world optimal access to customers in Europe — and, vice versa, to open up a new supply channel for customers.”

MOL Executive Officer Hiroyuki Nakano said: “We are excited to move one step further to materialise Germany’s first Liquefied Natural Gas receiving project. Our Floating Storage and Regasification Unit of some 263,000m3 storage capacity is of a unique tailored design to meet all customer requirements to provide economical regasification service and comply with German Environmental Regulations. Our mission from this special moment is to execute the project and deliver the unit on time. MOL has expanded its global FSRU business over the past few years. We are confident that our operational and technical experience gained will enhance the project in Germany and provide a seamless, safe and efficient service to LTW.”

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