World’s Largest Floating Power Plant Company And Largest FSRU Operator In Asia Enter Collaboration

Mitsui O.S.K. Lines, Ltd. (“MOL”) and Karpower International B.V. (“Karpowership”) announced that the parties have agreed to collaborate in the LNG-to-Powership business (“Business”) to become the world’s most reliable and preferable LNG to Powership solution provider, under the brand name of “KARMOL”. The parties aim to co-invest in the related assets and joint market its solution in selected markets around the world.

MOL FSRU Challenger — Representation Image – Credits: mol.co.jp

The Business will generate power through the Powership® by receiving regasified LNG through a floating LNG storage and regasification unit to provide reliable electricity to shore grids and facilities where base load electricity and/or replacements of fuel mode are required to meet the environmental concerns. Significance of this KARMOL collaboration are;

Very competitive initial Capex construction cost and fast track solution to provide LNG to Power to create immediate savings for customers and to meet the power demand
Replacement of higher emission fuels by LNG to significantly reduce greenhouse gas emissions
Business synergy is assumed by combining both companies track records and excellence in their operations. MOL’s track record and expertise of LNG Carrier and FSRU business and Karpowership’s track record and expertise of Powership® business.

Hereafter, MOL and Karpowership will jointly promote the LNG-to-Powership solution to
provide this cost competitive and robust solution in selected markets. The parties will aim to materialize several projects in the coming years.

Prior to this press release, parties have started to convert an existing LNG carrier into a floating storage and regasification unit (FSRU) to provide regasified LNG to a Powership.

Reference: mol.co.jp

Disclaimer :
The information contained in this website is for general information purposes only. While we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.

In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.