MOL joins project in Uruguay to build world`s largest FSRU

Mitsui O.S.K. Lines, Ltd. (MOL; President: Koichi Muto) recently announced that MOL, along with a subsidiary of GDF Suez S.A. has signed a 20-year time charter party for one floating storage regasification unit (FSRU).

The FSRU will be a core facility for a liquefied natural gas (LNG) import project in Uruguay led by Gas Sayago. This is the first FSRU project for MOL to solely build, own, and operate such a unit.

The FSRU will have a storage capacity of 263,000 cubic meters of LNG, making it the world`s largest. Built by Daewoo Shipbuilding & Marine Engineering Co., Ltd., in South Korea, the FSRU is to be completed by September 2016 and will enter into service in November 2016 after delivery and commissioning at the Port of Montevideo.

Since FSRUs first came into practical use in 2005, plans to operate them have been developing in many places around the world as they provide a competitive solution for receiving LNG because of timing and cost effectiveness.

Participation in this project marks an important milestone for MOL to enter into the expanding business field. As the world`s largest LNG carrier operator, with vast experience in LNG loading and discharging, vessel operation, and maintenance gained over more than 30 years of operating LNG carriers, MOL plans to take further active steps to develop more new business opportunities in this field that promises growth. < Korea Shipping Gazette >