TOKYO -- Mitsui O.S.K. Lines will put its massive new offshore liquefied natural gas terminal to work in Turkey this year, instead of its original destination in Uruguay, owing to delays with the South American project.
The Japanese shipping line ordered the roughly 40 billion yen ($355 million) floating storage and regasification unit in 2013 from South Korea's Daewoo Shipbuilding & Marine Engineering and will receive the vessel next month. The offshore terminal can store 263,000 cu. meters of LNG, giving it a larger capacity than the world's 22 FSRUs already in operation, according to Mitsui O.S.K. It is the first such vessel to be solely owned by a Japanese marine shipper.
The floating terminal was supposed to supply LNG in Uruguay but that project is behind schedule, prompting Mitsui O.S.K.'s decision to use it in Turkey for several years. It will be operated by a Turkish state-run gas company.
FSRUs are offshore terminals that receive LNG from carriers, store it, convert it to gas and send it ashore. Demand for such units is brisk in emerging countries since they can move like regular ships, allowing LNG to be delivered more quickly and cheaply than from onshore terminals.
Mitsui O.S.K. is building an LNG business to diversify its earnings base away from bulk and container shipping, which tend to be buffeted by the economic cycle.
(Nikkei)
Source: Mitsui OSK's huge floating gas terminal detoured to Turkey
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