Under the patronage of His Excellency Dr. Abdul Hussain bin Ali Mirza, the Minister of Energy, The National Oil & Gas Authority (NOGA) and The Oil and Gas Holding Company (nogaholding) signed the project agreements for the development of an LNG receiving and regasification terminal in Bahrain with a consortium of Teekay LNG Partners (Teekay LNG), Samsung C&T (Samsung) and Gulf Investment Cooperation (GIC). The project, to be developed on a BOOT (Build-Own-Operate-Transfer) basis, will be located in Hidd Industrial area of Bahrain and will help the Kingdom meet the increasing demand for gas supplies to satisfy its industrial and urban development.
The LNG terminal will be owned and operated by Bahrain LNG W.L.L, a newly joint venture owned 30% by nogaholding and 70% by the consortium of Teekay LNG, Samsung and the GIC.
The project will comprise a Floating Storage Unit (FSU), an offshore LNG receiving jetty and breakwater, an adjacent regasification platform, subsea gas pipelines from the platform to shore, an onshore gas receiving facility, and an onshore nitrogen production facility. The project will have an initial capacity of 400 million standard cubic feet per day (expandable to 800 million standard cubic feet per day) and will be owned and operated under a twenty-year agreement commencing on 15 July 2018.
The winning consortium selected GS Engineering & Construction as the EPC contractor of the project. Teekay LNG will supply the FSU vessel through a twenty (20) year time-charter to the joint venture. The project, not including the FSU to be time chartered from Teekay LNG, project management and development, financing and other costs, is expected to cost approximately BHD 250 million, which will be funded through a consortium of regional and international banks.
Speaking at the signing ceremony, His Excellency Dr. Abdul Hussain bin Ali Mirza, the Minister of Energy said: “The LNG terminal will form a vital part of the energy infrastructure of Bahrain – it will give the country security of supply that it needs to meet its growth in demand for natural gas to fuel large industrial projects, to generate power and water and for enhanced oil recovery.”
His Excellency further added: “Gas demand is rising and we foresee that gas demand will increase significantly going forward as new industrial projects in the pipeline are developed. In the period 2011 to 2014, gas demand in Bahrain rose at an average rate in excess of 2.5% per annum and 95% of that increase was sourced from the Khuff gas field. It is imperative that Bahrain provides itself with an option to access competitive and economic gas supplies from
the global market. The LNG terminal provides Bahrain with that option, giving it both an insurance policy in case of potential shortages of gas and the ability to supplement domestic gas supplies with gas from LNG.”
His Excellency concluded: “I wish to express my sincere gratitude for the achievements in the oil and gas sector witnessed in the areas of modernization and development under the prosperous era of His Majesty the King of Bahrain and the esteemed government chaired by His Royal Highness the Prime Minister and supported by His Royal Highness the Crown Prince, Deputy Supreme Commander and First Deputy Prime Minister. We also express our sincere thanks to the wise leadership for their constant support for the progress made in this vital sector and for continued encouragement which enables us to achieve one of its long term strategic objectives”
The Oil and Gas Holding Company B.S.C. (Closed)
The Oil and Gas Holding Company B.S.C. (c) (nogaholding) was established in 2007. nogaholding is the investment and business development arm of National Oil and Gas Authority (NOGA). nogaholding is a business focused company that aims to create shareholder value by the successful management of portfolio of the Government of the Kingdom of Bahrain’s shareholdings in oil, gas and petrochemical assets.
nogaholding portfolio includes: The Bahrain Petroleum Company (Bapco), The Bahrain National Gas Company (Banagas), The Bahrain National Gas Expansion Company (BNGEC), The Bahrain Aviation Fueling Company (Bafco), The Bahrain Lube Base Oil Company (BLBOC), The Gulf Petrochemical Industries Company (GPIC), Tatweer Petroleum and Skaugen Gulf Petchem Company (SGPC).
For more information about The Oil and Gas Holding Company (nogaholding), visit: www.nogaholding.com
For enquiries contact: Ms Lynne Al Wadi / Tel: (+973) 17 111 940
Teekay LNG Partners L.P.
Teekay LNG Partners is one of the world’s largest independent owners and operators of LNG carriers, providing LNG, LPG and crude oil marine transportation services primarily under long-term, fixed-rate charter contracts through its interests in 50 LNG carriers (including one LNG regasification unit and 21 newbuildings), 30 LPG/Multigas carriers (including three in- chartered LPG carriers and seven newbuildings) and eight conventional tankers. The Partnership’s interests in these vessels range from 20 to 100 percent. Teekay LNG Partners L.P. is a publicly traded master limited partnership (MLP) formed by Teekay Corporation (NYSE: TK) as part of its strategy to expand its operations in the LNG and LPG shipping sectors.
Teekay LNG Partners’ common units trade on the New York Stock Exchange under the symbol “TGP”.
For more information about Teekay LNG Partners L.P., visit: www.teekaylng.com
For Teekay Investor Relations enquiries contact: Mr Ryan Hamilton / Tel: (+1) 604 609 6442
Samsung C&T Corporation
Founded in 1938, Samsung C&T Corporation is the parent company of Samsung Group, in which its affiliates engage in a wide variety of business, such as electronics and heavy industries. Samsung C&T Corporation is a trading company that provides integrated solutions in plant & machinery business, including engineering & construction, financing, risk management and off-take in power generation, plant, and infrastructure to clients worldwide through its global network of over 90 offices in 44 countries.
For more information about Samsung C&T Corporation visit: www.samsungcnt.com
For Samsung Investor Relations enquiries contact: Mr Mark Shin / Tel: (+82) 2 2145 2406
Gulf Investment Corporation
GIC was established in 1983 and is equally owned by the six member states of the Gulf Cooperation Council. GIC provides a range of financial services that support the development of private enterprise and economic growth in the region. As at end 2014, GIC had total assets of about $5.2 billion and shareholders’ equity exceeding $2.7 billion.
GIC has extensive experience in, and commitment to, developing infrastructure and utilities projects in the Region. GIC is a co-developer six utilities projects in the GCC with a total assets base of approximately $10 billion.
For more information about Gulf Investment Corporation, visit: www.gic.com.kw
For Gulf Investment Corporation enquiries contact: Mr Qais Al-Shatti / Tel: (+965) 2222 5430
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