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Tribune News Network
Doha
Qatari shipping and maritime giant Nakilat has acquired a 55 percent interest in Excelerate Energy's floating storage regasification unit (FSRU), paving the way for Qatari LNG to expand its reach in emerging markets. This is the first such vessel to join the Nakilat fleet.
The company said on Tuesday it has signed an agreement with the US firm to establish a joint-venture company and acquire the stake.
Commenting on the strategic importance of this deal, Minister of Energy and Industry and Nakilat Chairman HE Dr Mohammed bin Saleh al Sada said,"This acquisition is pivotal to Qatar as this is the first FSRU co-owned by a Qatari company, which paves the way for Qatari liquefied natural gas (LNG) to expand its outreach to developing and emerging markets. This will enable Nakilat to widen its international outreach and thus, secure its industry-leading position in the dynamic and competitive LNG market."
Nakilat Chief Executive Officer Eng Abdullah al Sulaiti said:"We are extremely proud to be the first Qatari company to acquire ownership in an FSRU in an effort to maintain our leadership in energy transportation and simultaneously support the country's position as the top exporter of clean energy worldwide. Excelerate Energy is a well-recognised global leader in floating LNG regasification solutions, and this agreement marks the beginning of our penetration into the FSRU market."
This, he said, opens up a new business avenue for Nakilat to sustain its long-term growth and development strategies, which in turn will further maximise value and returns for shareholders.
FSRUs act as a hub for LNG deliveries, providing an effective solution for delivering clean-burning natural gas to consumers. The FSRU unit has a capacity of 150,900 cubic metres and a peak regasification rate of 745 million cubic feet per day. The vessel is located at Port Qasim in Pakistan, and has received 10.4mt of LNG since it started operations in 2015, out of which 7.8mt were Qatari LNG.
Excelerate Energy's Managing Director Steven Kobos said:"We are incredibly pleased to be entering into this important foundational relationship with Nakilat. Excelerate's FSRUs ensure rapid-to-market and reliable LNG solutions that complement our integrated services along the entire LNG value chain."
In 2017, the FSRU"Exquisite" delivered more regasified LNG ashore than any FSRU in history, he said.
