Gaz de France, Hoegh sign joint FSRU agreement

May 30, 2008
Gaz de France has signed a joint development agreement with Oslo-based Hoegh LNG for the design, construction, and operation of a floating storage and regasification unit vessel.

Doris Leblond
OGJ Correspondent

PARIS, May 30 -- Following a feasibility study completed early this year on its Triton LNG project, which lies 30 km off Italy's Marches region in the Adriatic Sea, Gaz de France has signed a joint development agreement with Oslo-based Hoegh LNG for the design, construction, and operation of a floating storage and regasification unit vessel.

The FSRU will have a designed ability to store 170,000 cu m of LNG and the regasification capacity of 5 billion cu m of gas.

GDF will charter the vessel from a shipping company that it is establishing via a joint venture. The partners indicate that the technologies applied for the FSRU-vessel and for the ship-to-ship LNG transfer will meet Italy's growing gas needs and involve the safest and most cost-efficient solutions with the smallest environmental footprint to meet the country's stringent environmental requirements.

Final investment decision is expected by yearend 2009 with first LNG deliveries slated before yearend 2012.

Hoegh LNG is owned by Leif Hoegh & Co. Ltd. and operates five LNG carriers and has two shuttle and regasification vessels on order.