Bahrain’s National Oil and Gas Authority (NOGA) has contracted a consortium of Teekay LNG Partners, South Korea’s Samsung C&T and Gulf Investment Corporation (GIC) to develop an LNG terminal in the country
The project, to be built in Hidd Industrial area, will have a capacity of 22.6mn standard cu/m per day and will be owned and operated under a 20-year agreement starting 15 July 2018, according to a statement.
The consortium will build a floating storage unit, an offshore jetty to receive LNG shipments, a breakwater, an adjacent re-gasification platform, subsea gas pipelines from the platform to shore, an onshore gas receiving facility and an onshore nitrogen production facility.
The project will be developed on a build, own, operate, transfer basis and will be owned and operated through a new joint venture, Bahrain LNG W.L.L..
NOGA and Teekay LNG Partners will each own 30 per cent of the venture while Samsung C&T and GIC will each hold 20 per cent.
The consortium also chose South Korea’s GS Engineering & Construction as the engineering, procurement and construction contractor of the project, the statement said.
Teekay LNG will supply the floating storage unit vessel through a 20-year time charter.
The project will be funded using a combination of equity capital and project finance through a consortium of regional, as well as international banks.
Teekay LNG Partners’ CEO Peter Evensen said, “We are thrilled to partner with GIC, who has experience with infrastructure project development throughout the Gulf region, and with Samsung, who has developed LNG regasification terminals elsewhere in the world.”
