Wison Offshore & Marine agreed to collaborate with China Classification Society (CCS) Wuhan Rules & Research Institute on various fronts of floating LNG storage and re-gasification facility (FSRU) developments in China.
Under the agreement, both parties will work on development and optimization of FSRU products, formulation of relevant technical standards, design and review, joint research of new technologies, exchange of know-how and talent development for the industry.
Further to improving China’s FSRU construction standards, such cooperation is set to promote commercial application of floating LNG solutions in the country, nurturing LNG development in this huge market, Wison said on Tuesday.
China has been hit by gas-supply shortages this winter triggered by an accelerated shift away from coal as environmental requirements become increasingly stringent. In consequence, domestic LNG prices have risen sharply. To foster the competitiveness of natural gas in China’s energy landscape for steady growth in the longer term, the industry urgently needs expedited build-up of industry standards and value chain.
Ying Cui, CEO of Wison Offshore & Marine said, “We hope floating LNG import solutions that have been widely adopted in the global market can better serve the Chinese market, offering a more flexible and economical option to access LNG supply. “