Nakilat signs agreement with Excelerate Energy-USA for first FSRU vessel
12 June 2018
Nakilat achieved another historical milestone today with the signing of an agreement with Excelerate Energy-USA, to establish a joint-venture company and acquire a 55% interest in a floating storage regasification unit (FSRU), the first such vessel to join the Nakilat fleet.
Remarking on the strategic importance of this deal, Minister of Energy and Industry and Nakilat Chairman His Excellency Dr. Mohammed Bin Saleh Al Sada said, “This acquisition is pivotal to the State of Qatar, as this is the first FSRU co-owned by a Qatari company, which paves the way for Qatari liquefied natural gas (LNG) to expand its outreach to developing and emerging markets. This will enable Nakilat to widen its international outreach and thus, secure its industry-leading position in the dynamic and competitive LNG market.”
Nakilat Chief Executive Officer Eng. Abdullah Al Sulaiti said: “We are extremely proud to be the first Qatari company to acquire ownership in an FSRU in an effort to maintain our leadership in energy transportation and simultaneously support the country’s position as the top exporter of clean energy worldwide. Excelerate Energy is a well-recognized global leader in floating LNG regasification solutions, and this agreement marks the beginning of our penetration into the FSRU market. This opens up a new business avenue for Nakilat to sustain its long-term growth and development strategies, which in turn will further maximize value and returns for our shareholders. We shall continue to develop in-house capabilities to establish and develop know-how in the management of FSRUs to achieve the company’s vision in becoming a global leader and provider of choice for energy transportation and maritime services.”
FSRUs act as a hub for LNG deliveries, providing an effective solution for delivering clean-burning natural gas to consumers. The FSRU unit has a capacity of 150,900 cubic meters and a peak regasification rate of 745 million cubic feet per day. The vessel is located at Port Qasim in Pakistan, and has received 10.4mt of LNG since it started operations in 2015, out of which 7.8mt were Qatari LNG.
Excelerate Energy’s Managing Director Steven Kobos said: “We are incredibly pleased to be entering into this important foundational relationship with Nakilat. Excelerate’s FSRUs ensure rapid-to-market and reliable LNG solutions that complement our integrated services along the entire LNG value chain. In 2017, the FSRU “Exquisite’’ delivered more regasified LNG ashore than any FSRU in history. This offering of the FSRU unit to the joint-venture company along with Nakilat’s expertise and reputation as the world’s largest LNG ship owner will serve the State of Qatar well as they seek access to emerging global LNG markets. We look forward to a successful working relationship with Nakilat and Qatar.”