Höegh LNG terminates FSRU deal with Pakistan’s GEIL

Höegh LNG terminates FSRU deal with GEIL
Image courtesy of Höegh LNG

Norway-based floating LNG giant Höegh LNG said it has terminated its floating storage and regasification (FSRU) charter agreement with Pakistan-based Global Energy Infrastructure Limited.

Earlier this month, Höegh LNG said the consortium between the floating LNG company, Qatar Petroleum, Total, Mitsubishi and ExxonMobil dissolved following the failed attempts to reach an agreement with GEIL.

Prior to forming the consortium, in December 2016, Höegh LNG signed a 20-year FSRU contract with GEIL, which among other was conditional on GEIL putting in place the associated infrastructure required to connect the FSRU to the domestic pipeline grid.

Höegh LNG said on Friday it was involved in several ongoing processes for alternative employment for its ninth FSRU, which was originally intended for the GEIL project, and the company “remains optimistic that firm FSRU employment will be in place before delivery end 2018.”

The FSRU is currently under construction at the Hyundai Heavy Industries shipyard in South Korea.

Upon completion, the vessel will have a storage capacity of 170,000 cubic meters and a regasification capacity of 1,000 MMscf/day, with full trading capabilities.

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