Floating energy solutions provider Höegh LNG and shipping company Nakilat have agreed to explore collaboration for Floating Storage and Regasification Unit (FSRU) business.
The parties said that they signed a Memorandum of Understanding (MoU) for the cooperation on July 18.
“This agreement paves the way for greater business opportunities to create substantial platforms for local players to get involved in the project, exposing them to innovative technologies and expertise that would be beneficial to their growth and the development of Qatar’s energy and maritime industry,” Abdullah Al-Sulaiti, Nakilat’s Managing Director, said.
“The alliance with Nakilat is a confirmation of Höegh LNG’s leading position in the FSRU market and offers the opportunity to further accelerate our market presence beyond the projects we undertake on a sole basis,” Sveinung J.S. Støhle, President and CEO of Höegh LNG, said.
FSRU is a floating LNG import terminal, which has become a strategic solution for countries without LNG receiving terminal infrastructure, enabling better accessibility of clean energy.
Among the significant benefits of FSRU are the ability to serve markets which would otherwise not be able to utilize natural gas, pose lesser transportation risks and have the flexibility to be relocated or used as an LNG carrier.