Höegh LNG Snags Chilean FSRU Contract

Höegh LNG Snags Chilean FSRU Contract

Norwegian owner and operator of LNG floating terminals Höegh LNG Holdings has signed a 20-year Floating Storage and Regasification Unit (FSRU) contract with Chilean Octopus LNG SpA for the Penco-Lirquén LNG import terminal to be located in Concepción Bay, Chile, expected to generate an average annual EBITDA of around USD 36 million.

The contract is subject to Octopus completing financing and obtaining necessary environmental approvals, and the planned start-up is in the second quarter 2018.

Höegh LNG will service the contract with an FSRU from its newbuilding program currently in progress. The FSRU will be offered to Höegh LNG Partners LP in due course.

“We appreciate Höegh LNG’s FSRU expertise, which allowed us to present a competitive and successful bid in the recent public tender process ran by the Comisión Nacional de Energía for the supply of electricity to distribution companies in the Sistema Interconectado Central, the Chilean main electric grid,” said Octopus’ General Manager Alfonso Ardizzoni.

”Höegh LNG’s technology is a key service component of the natural gas delivery chain that will enable the construction of our El Campesino Power Plant as well as supplying the growing demand of natural gas in the Bio Bio region. We expect the LNG import terminal to substantially increase the reliability and competitiveness of the power generation and natural gas markets in Chile and are looking forward to a long term relationship with Höegh LNG.”

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