BW Group Limited and Mitsui & Co. announced the formation of a Joint Venture (JV) to jointly own the Floating Storage and Regasification Unit (FSRU) BW Integrity. Mitsui has purchased a 49% share in BW Integrity with BW owing a 51% share in the vessel.
BW Integrity is currently located in Port Qasim on a 15-year charter to PGP Consortium Limited (PGPC), to provide LNG regasification services at Pakistan’s second LNG import terminal.
BW will continue to provide commercial and technical management services, the company said.
BW Group’s CEO Carsten Mortensen noted: “BW and Mitsui have a long history of close cooperation in many business areas and having Mitsui as a JV partner is a special relationship on which we hope to build for many years to come. It is our privilege to have such a well-established name in the energy and maritime investment spheres take an interest in one of our vessels.”
Mitsui & Co.’s Chief Operating Officer of the Integrated Transportation Systems Business Unit II, Takeshi Setozaki mentioned that the cooperation of the two companies will provide Mitsui with the know-how to operate an FSRU business, something that will be a step forward for the company.
Earlier this year, Mitsui held discussions with Gazprom addressing the ongoing and future partnership between the companies with a focus on LNG. The discussions were concentrated on the progress in the construction of the third train of the Sakhalin II LNG plant and the prospects for cooperation on small- and mid-scale LNG.