MOL Inks Contract For Newbuilding Ice-Breaking Tanker To Serve Russia’s Arctic LNG 2 Project

Mitsui O.S.K. Lines, Ltd. (MOL) announced that on January 26, it agreed to participate in cargo transport for the Arctic LNG 2 Project on Russia’s Gydan Peninsula, and signed, through a MOL subsidiary, a charter contract for a newbuilding ice-breaking tanker with the project company, whose largest shareholder is Russia-based PAO NOVATEK. The vessel will be constructed at Guangzhou Shipyard International Company Limited. (Headquarters: China) which is a subsidiary of China State Shipbuilding Corporation Limited (CSSC) and is slated for delivery in 2024.

This contract follows the October 2020 signing of charter contracts for three ice-breaking LNG vessels to serve for the same project. The vessel will transport condensate from the LNG/condensate plant inside the Arctic Circle on the Gydan Peninsula, mainly to Europe (westbound) via the Northern Sea Route. (Fig. 1)

MOL has operated three ice-breaking LNG carriers on the Northern Sea Route for the Yamal LNG Project since March 2018. In addition, three ice-breaking LNG carriers for the Arctic LNG 2 Project are scheduled to go into service in 2023.

Image Credits: mol.co.jp

MOL has earned high regard for its track record it has built on the Northern Sea Route, its technological capabilities and expertise, and accumulated resources, all of which contributed to the conclusion of the contract. It will further enhance its experience and know-how on the Northern Sea Route through its involvement in transporting condensate as well as LNG, as it works to expand the maritime transport of this next-generation, environment-friendly energy resources from the Russian Arctic. It will also ensure stable access to energy produced in the Russian Arctic to supply Japan steadily and promote worldwide decarbonization efforts.

Addressing environmental issues in line with the MOL Group Environmental Vision 2.1, the group implements comprehensive, ongoing efforts to achieve sustainable net zero GHG emission and contribute to the realization of a low- and decarbonized society.

[Profile of New Ice-breaking tanker]

(Note 1) Arctic LNG 2 Project

This large-scale LNG project in Gydan Peninsula by Russian company LLC ARCTIC LNG 2 is funded by NOVATEK 60%, Total 10%, China National Petroleum Corporation (CNPC) 10%, China National Offshore Oil Corporation (CNOOC)10%, and Japan Arctic LNG B.V. 10% (a Dutch company funded by Mitsui & Co., Ltd. (25%) and Japan Oil, Gas and Metals National Corporation (JOGMEC) (75%)). The project is slated to start in 2023.

Reference: mol.co.jp

MOL Inks Contract For Newbuilding Ice-Breaking Tanker To Serve Russia’s Arctic LNG 2 Project appeared first on Marine Insight – The Maritime Industry Guide

Source: Maritime Shipping News