MOL and Karpowership Collaborate on Floating LNG Power Plants

Powership courtesy of Karpower International

By The Maritime Executive 03-30-2019 06:42:59

Japan's Mitsui O.S.K. Lines (MOL) and Turkey's Karpower International have agreed to collaborate on a LNG-to-Powership business providing floating LNG power plants globally. The partners will operate under the brand name KARMOL.

The Powership® receives regasified LNG through a floating LNG storage and regasification unit (FSRU) to provide electricity to shore grids and facilities where base load electricity or replacements of fuel mode are required to meet the environmental concerns. 

The companies are drawing on MOL’s expertise in LNG carrier and floating storage and FSRU construction and Karpowership’s Powership business. Karpowership began production of its first Powership in 2007. Currently, Karpowership owns and operates 20 Powerships in countries such as Indonesia, Ghana, Mozambique, Gambia, Sierra Leone and Lebanon. 

The companies have already started converting an existing LNG carrier into an FSRU to provide regasified LNG to a Powership.