Bahrain authorizes first offshore LNG scheme

Offshore staff

MANAMA, Bahrain – Bahrain LNG WLL has completed limited recourse financing for an LNG receiving and regasification terminal.

The facility, due to be completed in early 2019, will have a capacity of 800 MMcf/d.

It will comprise a floating storage unit (FSU), an offshore LNG receiving jetty and breakwater, an adjacent regasification platform, subsea gas pipelines from the platform to shore, an onshore gas receiving facility, and an onshore nitrogen production facility.

Bahrain LNG WLL is jointly owned by the Oil and Gas Holding Co. (nogaholding) and a consortium of Teekay LNG Partners, Gulf Investment Corp., and Samsung C&T.

Bahrain’s National Oil & Gas Authority awarded the project to Teekay LNG-GIC-Samsung consortium last December following an international competitive tendering process.

The project is designed to supplement local gas production in Bahrain and ensure capacity to meet peak seasonal gas demand and industrial growth. It will also enable Bahrain to procure internationally-traded LNG on a competitive basis.

GS Engineering & Construction has the engineering and construction contract. Teekay LNG will supply the FSU which will be modified for this project to fulfil a 20-year time-charter agreement.

Nine international and regional banks are participating in the $741-million loan for the project, with Korea Trade Insurance Corp. providing commercial and political risk cover for around 80% of the financing.

12/12/2016

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