MOL and Gaz System Forge Partnership for FSRU Project in Gdansk, Poland

On April 25, 2024, Mitsui O.S.K. Lines, Ltd. (MOL; President & CEO: Takeshi Hashimoto, Headquarters: Minato-ku, Tokyo) announced the signing of a long-term Time Charter Party (TCP) Agreement for a Floating Storage and Regasification Unit (FSRU) (An FSRU (Floating Storage and Regasification Unit) is a floating installation outfitted with storage tanks and a regasification facility. It receives liquefied gas at sea, vaporizes it, and transports it to the shore. FSRUs offer cost savings and shorter construction periods compared to equivalent onshore facilities) through its wholly-owned subsidiary. This agreement was made with the Polish Gas Transmission System Operator, GAZ-SYSTEM S.A. (Gaz System), the developer and operator of the future LNG terminal. Constructed by the HD Hyundai Heavy Industries shipyard in South Korea, the FSRU is expected to be finalized by 2027, after which it will be overseen by the MOL group.

The project entails building a new floating LNG receiving terminal roughly 3 km offshore from the Polish port of Gdansk (referred to as the "Project"), with the vessel serving as a crucial component for receiving and storing LNG at the terminal. This marks Poland's inaugural deployment of an FSRU, thereby bolstering the nation's energy security. Additionally, the project holds significance for Europe, having been designated by the EU as a "Project of Common Interest" (EU Regulation No 347/2013, known as the Energy Infrastructure Regulation, validates development projects benefiting at least two EU member countries. These projects are required to contribute to various environmental aspects, including CO2 emission reduction, as well as economic factors such as market integration and competition activation. Additionally, they must contribute to supply stability), denoting its role in regional infrastructure development.

The MOL Group's vision is to develop diverse social infrastructure businesses, primarily centered around ocean shipping, to address evolving societal needs, including environmental conservation, by advancing technology and services. This project aligns not only with the MOL Group Vision but also with the expansion of offshore and non-shipping businesses outlined in the "BLUE ACTION 2035" group management plan. Furthermore, it resonates with the "MOL Group Environmental Vision 2.2," which advocates for initiatives to "Expand Low-carbon/decarbonized business by leveraging the Group's collective strengths." Positioned as a pioneering endeavor within the Regional Strategy articulated in "BLUE ACTION 2035," this project represents a collaborative effort led by the regional organization in Europe and Africa. Through these endeavors aimed at sustainable societal development and environmental preservation, we aim to sustain livelihoods and ensure a prosperous future from the depths of the blue oceans.

The FSRU (Floating Storage and Regasification Unit) being constructed by Hyundai Heavy Industries boasts main dimensions of 294.00 meters in length and 46.00 meters in width, with a substantial LNG storage capacity of 170,000 cubic meters. Scheduled for completion in 2027, this project represents a significant undertaking in maritime infrastructure.