MOL secures project financing for Singapore’s first FSRU

The FSRU will have a storage capacity of 200,000 cubic metres.

Mitsui O.S.K. Lines, Ltd. (MOL) has inked a project finance agreement with a banking syndicate for a newbuild floating storage and regasification unit (FSRU).

In a statement, MOL said the banking syndicate includes Japan Bank for International Cooperation, Mitsubishi UFJ Financial Group, Inc., DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited, and Standard Chartered Bank (Singapore) Ltd.

The 200,000-cubic metre FSRU, to be built at Hanwha Ocean Co., Ltd. in South Korea, will be operated by Singapore LNG Corporation Pte Ltd (SLNG) as Singapore's Second LNG Terminal.

This FSRU project marks the first deployment of an FSRU in Singapore, where the nation relies on imported natural gas for approximately 95% of its domestic power generation.

The company expects the vessel to be delivered by 2027.