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Hoegh LNG Pulls Out of Pakistan LNG Import Project with GEI

Hoegh LNG Pulls Out of Pakistan LNG Import Project with GEI
Hoegh LNG on Friday cancelled a deal to provide a floating import terminal for a LNG project being developed by Turkish company Global Energy Infrastructure Limited (GEI) at Port Qasim near Karachi in Pakistan.

The owner and operator of floating LNG import terminals terminated the 20-year charter contract for a floating storage and regasification unit (FSRU), which was signed in December 2016.

The agreement was inked for the FSRU #9 which is currently taking shape at Hyundai Heavy Industries (HHI) shipyard in South Korea.

The decision follows Hoegh LNG’s announcement in its third quarter 2017 financial report that it was considering options under the contract with GEI due to the withdrawal of the LNG sellers from the infrastructure consortium, and the delays to the original start-up date for the project.

This month Hoegh LNG announced the consortium behind the project, including Exxon Mobil, France’s Total and Qatar Petroleum had dissolved due to unresolved differences with GEI, adding that it was evaluating its own options.

Hoegh LNG stated that the contract was conditional on GEI, putting in place the associated infrastructure required to connect the FSRU to the domestic pipeline grid.

The consortium has spent considerable time and resources on finding its final form and structure, however by mid-November it has been concluded that no agreement with GEI could be found and the consortium has consequently been dissolved, Hoegh LNG informed.

The shipping company said it is holding multiple discussions about finding alternative employment for the FSRU and hopes to clinch a deal before the end of 2018.

Scheduled for delivery in the fourth quarter of 2018, the FSRU will have a storage capacity of 170,000 cubic meters and a max regasification capacity of 750 MMscf/day. With a gross tonnage of 103,800 tons, the newbuilding will feature a length of 294 meters and a width of 46 meters.

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