MOL and Karpowership announce the first LNG-to-Powership project under the co-brand "KARMOL" to be delivered in Nacala, Mozambique
Mitsui O.S.K. Lines, Ltd. and Karadeniz Holding A.S. announced that MOL and Karpower International B.V., a subsidiary of Karadeniz, have agreed to jointly carry out the first LNG-to-Powership project under the co-brand "KARMOL" in Mozambique and for this purpose jointly own and operate a FSRU and a Powership®. Ahead of this announcement, MOL and Karpowership jointly made presentation in TICAD Ⅶ conference where MOL and Karpowership introduced concept of LNG-to-Powership solution and outlines of Mozambique Project.
This LNG-to-Powership project consists of the collaborative operations of the FSRU to deliver regasified LNG and the Powership® to receive regasified LNG in order to produce electricity, which is subsequently provided to Electricidade de Moçambique ("EDM"), the Mozambican National Power Utility, through the electricity connection and transmission facility. As already announced in our press release dated 29th March 2019, the FSRU is now being converted from an existing LNG Carrier. The Powership is currently operating with heavy fuel oil in Nacala, but in accordance with the prior arrangement with EDM, it will be switched to operation with LNG after the FSRU delivery.
Mitsui O.S.K. Lines, Ltd. is a Japanese transport company headquartered in Tokyo, Japan. It is one of the largest shipping companies in the world, and the largest LNG Carrier Operator. Mitsui O.S.K. Lines fleet includes dry cargo ships, liquefied natural gas carriers, Ro-Ro Car Carrier ships, tankers and also diversifies its business to maritime related industries.
Karadeniz Holding, a parent company of Karpower International B.V (Karpowership), was founded in 1948 and entered the trade of heavy industrial machinery and products. They lead the energy sector not only in Turkey but in the world, as well as having operations in the finance, real estate, and shipbuilding industries.