Nakilat to explore FSRU business with Höegh LNG

Qatari LNG shipping giant Nakilat on Tuesday signed a memorandum of understanding with Norway-based Höegh LNG to jointly explore the floating storage and regasification unit business.

FSRUs have become the technology of choice for countries without LNG receiving terminal infrastructure, enabling better accessibility of clean energy, especially those which would otherwise not be able to utilize natural gas, the two companies said in a joint statement.

Nakilat’s managing director Abdullah Al-Sulaiti said that the LNG shipping company sees this deal with Höegh LNG as “a huge stepping stone for further growth.”

“This agreement paves the way for greater business opportunities to create substantial platforms for local players to get involved in the project, exposing them to innovative technologies and expertise that would be beneficial to their growth and the development of Qatar’s energy and maritime industry,” Al-Sulaiti said.

Sveinung Støhle, Chief Executive of Höegh LNG added the two companies plan on working together towards expanding the global market for LNG.

“The alliance with Nakilat is a confirmation of Höegh LNG’s leading position in the FSRU market and offers the opportunity to further accelerate our market presence beyond the projects we undertake on a sole basis,” Støhle said.

Nakilat’s LNG shipping fleet is the largest in the world, comprising of 63 LNG vessels. Höegh LNG currently operates seven FSRUs and has three more under construction.