MOL (Mitsui O.S.K. Lines Limited) of Tokyo and Karpower International B.V. of Turkey have agreed to collaborate in the LNG-to-Powership business, becoming the world’s most reliable and preferable LNG to Powership solution provider under the brand name of KARMOL. Both parties intend to co-invest in the related assets to provide a joint market.
The business will generate power through the Powership by receiving regasified LNG through a floating LNG storage and regasified unit to provide reliable electricity to shore grids and facilities where base load electricity and/or replacements of fuel made are required to meet environmental concerns.
The significance of this KARMOL collaboration are:
(1) Very competitive initial Capex construction cost and fast track solution to provide LNG to Powerto create immediate savings for customers and to meet the power demand
(2)Replacement of higher emission fuels by LNG to significantly reduce green house gas emissions
(3) Business synergy is assumed by combining both companies track records and excellence in their operations. MOL’s track record and expertise of LNG Carrier and FSRU business and Karpowership’s track record and expertise of Powership business.