MOL and Gaz System Enter into Agreement on FSRU Project in Gdańsk, Poland

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Mitsui O.S.K. Lines, Ltd. (MOL; President & CEO: Takeshi Hashimoto, Headquarters: Minato-ku, Tokyo), today announced that it has signed a long-term Time Charter Party (TCP) Agreement, through its 100% subsidiary, for one Floating Storage and Regasification Unit (FSRU) with the Polish Gas Transmission System Operator, GAZ-SYSTEM S.A. (Gaz System), the project developer and operator behind the future LNG terminal. The FSRU will be constructed by HD Hyundai Heavy Industries shipyard (HQ: South Korea) and is expected to be completed in 2027, and thereafter will be managed by the MOL group, according to an article published on its website.

About the project

The project involves the construction of a new floating LNG receiving terminal approximately 3 km offshore from the Polish port of Gdańsk (the “Project”) and the vessel will play a key role in the terminal as a receiving and storage facility. This will be the first FSRU to be deployed in Poland, which will contribute to the strategic strengthening of the country’s energy security. The project is also of great interest to Europe, as it has been designated by the EU as a “Project of Common Interest”, an infrastructure development project that contributes at a regional level.

MOL Group’s Vision is to develop various social infrastructure businesses centered on the ocean shipping business and meet the changing needs of society, including environmental conservation, through the evolution of technology and services. In addition to the MOL Group Vision, this project is also consistent with the expansion of offshore and non-shipping businesses outlined in the “BLUE ACTION 2035” group management plan, as well as the “MOL Group Environmental Vision 2.2,” which calls for measures to “Expand Low-carbon/decarbonized business by leveraging the Group’s collective strengths.” This Project is also a pioneering project for the Regional Strategy set out in “BLUE ACTION 2035”, as it is a project being promoted and led by the regional organization in Europe and Africa. With these contributions to the sustainable development of society and the preservation of nature, from the blue oceans, we sustain people’s lives and ensure a prosperous future.

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Source: MOL