BW Group and Mitsui & Co. formed a joint venture (JV) to jointly own the floating storage and regasification unit (FSRU) BW Integrity.
Mitsui & Co. has purchased a 49 percent share in BW Integrity, and BW continues to own a 51 percent share in the vessel, the two companies said in a statement on Tuesday.
BW will continue to provide commercial and technical management services for the vessel that is currently in Port Qasim on a 15-year charter to PGP Consortium Limited (PGPC), to provide LNG regasification services at Pakistan’s second LNG import terminal.
Speaking of the agreement Mitsui & Co. chief operating officer of the integrated transportation systems business, Takeshi Setozaki, said entering FSRU business represents a step forward in the company’s business strategy.
“As a LNG receiving/regasification base project is an extension of the LNG shipping business area, it is important to acquire know-how of the FSRU business and to maintain effective relationships with partners like BW,” he said.
Setozaki noted that the company plans to continue the expansion the business area with this partnership contributing to Mitsui & Co.’s gas sales strategy.