Singapore-based BW, signed a 15-year agreement with Pakistan GasPort Limited (PGPL) to provide LNG regasification services utilizing a newbuild floating storage and regasification unit for the second Pakistan LNG terminal.
In its statement on Monday, BW informed its FSRU to be used for the project is currently under construction at the Samsung Heavy Industries shipyard in South Korea.
Scheduled for delivery in the fourth quarter of 2016, the vessel will have a storage capacity in excess of 170,000 cbm and a peak regasification capacity of 750 mmscfd.
Speaking about the agreement, Iqbal Z. Ahmed, chairman of PGPL, said, “This landmark project will reduce Pakistan’s gas deficit by 30 percent, ensure fuel for 3,600 megawatts of new power generation plants being constructed in Pakistan to reduce power outages by 80 percent, and save some $1.5 billion in annual foreign-exchange savings.”
The project is scheduled for commissioning on June 30, 2017, at Port Qasim, Karachi.