GasLog says completes its first LNG FSU conversion

Peter Livanos-led GasLog said it has completed its first conversion of an LNG carrier to a floating storage unit.

Through collaboration with Singapore’s Sembcorp, classification society ABS, and other equipment suppliers, the Greek LNG shipper has converted its 155,000-cbm carrier GasLog Singapore.

According to GasLog, it has delivered GasLog Singapore on July 7 and the FSU is ready to provide 10-year floating storage services.

GasLog did not reveal any further information.

The vessel’s AIS data shows that GasLog Singapore was on Thursday located in the South Atlantic Ocean, off the Falkland Islands.

It previously visited Cheniere’s Corpus Christi LNG plant in Texas, the data shows.

GasLog Singapore will serve a 10-year time charter with Sinolam LNG Terminal for a gas-fired power project in Panama.

The FSU will receive, store and send LNG to the power plant located near Colon, Panama. Sinolam Smarter Energy LNG Power, a unit of private Chinese investment group Shanghai Gorgeous Investment Development, is the developer of the project.

Also, the power project has signed long-term power purchase agreements with leading Panamanian utility companies as well as a 15-year LNG sale and purchase agreement with Shell.

GasLog said in its original announcement in September 2019 it had expected the charter to start in November 2020 but the project has probably been affected by the Covid-19 pandemic.

It remains unclear when the FSU would start serving the Panama gas-to-power project.

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