Golar Power Limited has won the bid for the provision of the Floating Storage and Regasification Unit (FSRU) for Croatia’s first LNG terminal planned to be built on the island of Kirk.
The project includes the construction of an LNG terminal together with the connecting gas pipeline. In order to speed up the construction process, Croatia has opted for an FSRU with a yearly capacity of at least 2 billion cubic metres. An onshore facility is expected to follow at a later stage.
The Bermuda-based LNG carrier operator was competing with Mitsui O.S.K. Lines and Maran Gas Maritime Inc. in the bidding rpocess, LNG Croatia, the developer of the project informed.
Golar offered a new conversion of the existing LNG carrier to an FSRU, which is estimated to be worth EUR 159.6 million (USD 180 million).
The vessel in question is the 2005-built Golar Viking, which will be delivered to the LNG terminal between September 30, 2020 and October 30, 2020, in order for the LNG terminal to reach its full operationality by January 1, 2021.
The selected FSRU vessel has LNG storage capacity of 140,000 m3, with a nominal LNG regasification capacity of 300,000 m3 of natural gas per hour, giving a yearly capacity of 2.6 billion m3 of gas.
The project will partly be funded by the European Union as part of its efforts to diversify gas supply and decrease dependence on Russian gas. To that end, the EU committed to invest EUR 101.4 million (USD 120.3 million) in the project. The grant contributes to the overall estimated costs of EUR 383.6 million.