Hoegh LNG inks Brazilian FSRU charter

Floating player Hoegh LNG said it has signed a deal to charter one of its floating storage and regasification units to a unit of Brazilian energy company Cosan.

Hoegh LNG said on Tuesday it had completed and signed all documentation for a 10-year FSRU charter with Terminal de Regaseificação de GNL de São Paulo (TSRP), a unit of Cosan’s Compass Gas & Energia.

Also, this concludes the agreements for the binding heads of agreement listed as a subsequent event in the interim results for the quarter ended September 30, Hoegh said.

Under the deal, Hoegh would provide the 2018-built 170,000-cbm Hoegh Gannet, currently chartered by Trafigura.

According to Hoegh, the FSRU would start operations in late 2022 or early 2023.

Cosan said in August that its unit Compass had started work on the Sao Paulo regasification terminal project.

Located in the Port of Santos, the project has a nominal approved regasification capacity of 14 million cbm/day but also a 170,000 cbm storage capacity, Cosan said.

Moreover, the estimated investment would reach about 700 million Brazilian reals ($124.4 million), the firm said, adding that the construction would last over 20 months.

The company believes that implementing the project would “serve as an important lever in developing the free natural gas market and will ultimately improve competition through a better offer of natural gas in the Brazilian territory.”

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