Mitsui announced today it has entered into an agreement with BW Group to form a joint venture and to acquire a 49% stake in the JV to jointly own the FSRU BW Integrity. The deal is expected to close as soon as the payment for the acquisition is completed. Mitsui noted in a statement today the deal is the first FSRU project for Mitsui, and the first project for a Japanese company to participate in the LNG receiving infrastructure business in Pakistan.
The JV will lease the FSRU to PGP Consortium Ltd. based on a long-term FSRU lease agreement and PGP Consortium will provide LNG regasification services to Pakistan LNG Terminals Ltd., a state-owned company.
This is BW's second FSRU project, with the first being a sister vessel, BW Singapore, which is currently based in Egypt on a five-year charter.
By entering the FSRU business Mitsui plans to further expand its presence in the gas-value chain business to respond to the growing demand for gas related infrastructure in emerging LNG markets in many parts of the world.