Ince & Co advised long standing client Golar LNG on the successful completion of a charter party (TCP) for the provision of a Floating Storage and Regasification Unit (FSRU) and associated mooring to PT Nusantara Regas (PTNR), a joint venture between Indonesian energy companies Pertamina and PGN, for Indonesia's first FSRU terminal in West Java. The regasified LNG will be supplied by PTNR to Indonesia’s state owned electricity company PLN as a replacement for high speed diesel. Ince & Co advised Golar LNG on the initial stages of the project, from the tender process through to entry into the TCP. This enabled Golar LNG to commence the procurement process for the conversion of the LNG Carrier "Khannur" into an FSRU; and the engineering, design and procurement process for construction of the associated mooring for this high value project. The contract duration is for an initial term of approximately eleven years with automatic conditional extension options up to 2025. The West Java FSRU Project contract value for the initial period is approximately US $500m.
Upon completion of conversion and delivery in first-quarter 2012, Khannur will be permanently moored at a purpose-built structure 15 km off West Java. It will be able to store 125,000 cubic meters of LNG and deliver up to 500 MMscfd (5.2 bcm/year) of regasified LNG via Nusantara Regas’s pipeline to fuel two power plants owned and operated by Perusahaan Listrik Negara.
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