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.
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
Shipping News You Would Like:
Latest Shipping News You Would Like:
Australia To Spend $1.5 Billion To Upgrade Its Maritime Surveillance
World’s Largest Aircraft Carrier USS Gerald R. Ford Docks In Trieste
First National Security Multi-Missions Vessel, the Empire State VII, Arrives In New York
Brazil’s Navy Seizes 3.6 Tonnes Of Cocaine, The Largest Offshore Drug Capture By Brazil
Crude Oil Tanker To Pay ₹88 Crore For Damaging Haldia Oil Jetty Or Face Arrest
Get the Latest Maritime News Delivered to Your Inbox!
Our free, fast, and fun newsletter on the global maritime industry, delivered everyday.