Japanese trading company Marubeni has reached an agreement with France-based GDF to participate in Uruguay’s offshore LNG receiving terminal project for providing the LNG receiving, storage and regasification service project.
GDF, through its affiliate International Power, has been developing the project and has executed the shareholders agreement.
Marubeni and IPSA participate in GNLS incorporated in Uruguay as a wholly owned subsidiary of the holding company, through the company incorporated in Spain by Marubeni and Belgium-based IPSA on a 50/50 basis.
The project comprises the construction of the floating storage and regasification units (FSRU) approximately 2km offshore in the La Plata River near Montevideo in Uruguay.
As part of the project, the LNG receiving, storage and regasification service will also be provided for a period of 15 years from the start of commercial operation of the FSRU.
The terminal usage agreement, which was executed on 1 October 2013, is scheduled to begin commercial operations of the initial phase in July 2015.
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The agreement was executed between GNLS and Gas Sayago created by the National Administration of Power Generation and Transmission and the National Administration of Fuels, Alcohol and Portland Cement on a 50/50 basis.
Claimed to be the first offshore LNG receiving terminal project in Uruguay, the project also marks the first time for Marubeni and Japanese companies to participate in a project of this kind.
The project’s FSRU regasification capacity is 15 million square metres per day with a storage capacity of 263,000m².
Image: Marubeni’s head office in Otemachi, Chiyoda, Tokyo. Photo: courtesy of Lombroso.