MOL Signs Long-Term Charter for Floating Storage Regasification Unit in Singapore

Mitsui O.S.K. Lines (MOL) has entered into a long-term time charter contract with Singapore LNG Corporation for a newbuilding floating storage regasification unit (FSRU). The FSRU will be constructed at Hanwha Ocean in South Korea and is expected to be delivered in 2027. MOL will be responsible for owning, managing, and operating the 200,000 m3 FSRU, which will be stationed at Jurong Port in Singapore. This FSRU will serve as a crucial facility for receiving, storing, regasifying LNG, and distributing gas to the shore.

The introduction of the first FSRU in Singapore is a significant infrastructure project that aims to enhance the country’s energy supply stability. Currently, approximately 95% of Singapore’s domestic power generation relies on imported natural gas. By having the FSRU at Jurong Port, Singapore will have a strategic asset that will support the country’s energy needs and contribute to a reliable energy supply system.

The partnership between MOL and Singapore LNG Corporation underscores the commitment to advancing the LNG infrastructure in Singapore. With the FSRU in place, Singapore will be better equipped to handle LNG imports, ensuring a steady and secure energy supply for the nation. This collaboration represents a milestone in Singapore’s efforts to strengthen its energy infrastructure and enhance energy security.

Source