MOL to buy stake in Russian LNG FSUs

Japan’s shipping giant MOL has revealed plans to buy stakes in two giant floating LNG storage units from Russian state leasing agency GTLK. These units will serve Novatek’s LNG transshipment terminals in Kamchatka and Murmansk.

MOL said in a statement it has signed a letter of intent with GTLK to buy 49 percent shares in the FSU owner companies. GTLK holds 100 percent shares in these firms.

Also, the FSU owner companies have previously entered into bareboat charter agreements with Arctic Transshipment, a joint venture of Novatek and TotalEnergies.

To remind, TotalEnergies has earlier this year purchased a 10 percent participation interest in Novatek’s unit Arctic Transshipment that will operate the LNG complexes currently under construction in the Kamchatka and Murmansk regions.

Each transshipment complex will have a floating LNG storage unit with a capacity of 360,000 cubic meters with two ship-to-ship transshipment points.

Moreover, South Korea’s Daewoo Shipbuilding & Marine Engineering is building the FSUs claimed to have the world’s largest storage capacity.

Upon arrival at their locations, Arc7 ice-class tankers will transfer cargoes from Novatek’s Arctic LNG 2 development but also the Yamal LNG project to conventional tankers at each of the two units.

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