MOL Inks LoI With Russian Company ‘GTLK’ For World’s Largest FSU Projects

Mitsui O.S.K. Lines, Ltd. (MOL) announced that it has signed a Letter of Intent with Public Joint-Stock Company “State Transport Leasing Company” (GTLK), a state-owned leasing company under the Ministry of Transport of the Russian Federation, for the potential acquisition of 49% shares of the FSU (Floating Storage Unit) owner companies, which are currently 100% owned by GTLK, in relation to the LNG transhipment projects in Kamchatka and Murmansk.

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The above-mentioned FSU owner companies have earlier entered into bareboat charter agreements with Arctic Transshipment LLC (a joint venture of JSC NOVATEK (NOVATEK) and TotalEnergies S.E.), which will provide transhipment services to NOVATEK’s LNG-projects by reloading LNG cargoes from ice-class LNG carriers to conventional LNG carriers.

Two (2) FSUs with the world largest storage capacity of about 360,000m3 will be placed at each of Bechevinskaya Bay in the Kamchatka Territory and Ura Bay at Murmansk. The two FSUs are currently being constructed at Daewoo Shipbuilding & Marine Engineering Co., Ltd. (Head Office: Geoje, Korea). Once the construction is completed, the FSUs will be towed to Kamchatka and Murmansk to be placed at each of their sites. MOL has been supporting the construction from the technical and engineering perspective, in particular, the basic design, plan approval and site supervision works.

By transporting LNG via the Northern Sea Route and by transshipping at Kamchatka and Murmansk, it is expected to reduce voyage costs and greenhouse gas emissions. In addition, securing LNG at a location close to a point of consumption is believed to increase the security and reliability of the energy supply.

navigation route of ice breaking LNGCs
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Furthermore, ensuring steady access to energy resources in the Russian Arctic region should contribute to a stable energy supply to Japan. MOL will contribute to stable LNG transportation by providing a wide variety of services, from icebreaking LNG carriers which transport LNG from loading ports in the Russian Arctic to the above-mentioned LNG transhipment terminals, and to conventional LNG carriers which deliver LNG from the transhipment terminals to discharging ports.

Addressing environmental issues in line with “MOL Group Environmental Vision 2.1”, the MOL Group implements ongoing group-wide efforts to achieve sustainable net-zero GHG emissions and contributes to the realization of a low-carbon society.


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