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    Bahrain LNG Terminal To Start 2019: Teekay

Summary

A Bahrain receiving terminal is on schedule to start operations early next year, co-developer Teekay LNG has said in its 1Q results statement.

by: Mark Smedley

Posted in:

Natural Gas & LNG News, Asia/Oceania, Middle East, Infrastructure, Liquefied Natural Gas (LNG), News By Country, Bahrain, Norway

Bahrain LNG Terminal To Start 2019: Teekay

Shipowner Teekay LNG Partners said May 30 that a Bahrain receiving terminal that it is co-developing is on schedule to start operations early next year. 

It has a 30% stake in the LNG receiving terminal in Bahrain, now under construction, which it said will be owned and operated under a 20-year agreement starting early-2019 with a fully-built up cost of some $889mn. Teekay's wholly-owned LNG carrier, Bahrain Spirit, is being converted to a floating storage unit (FSU) for the joint venture, which was formed late 2015. Bahrain state-owned National Oil and Gas Authority (30%), Gulf Investment Corporation, GIC (24%), and Samsung C&T (16%) are partners. Teekay did not disclose its capacity. (Banner photo shows the offshore site as of August 2017, courtesy of Teekay)

However last year's IEA Gas Market Report said the Bahraini venture would have 8.2bn m3/yr regasification capacity. GIC is Kuwait-registered but owned by the six Gulf Cooperation Council countries.

Separately Bermuda-registered, Oslo-listed Teekay LNG Partners too reported a net 1Q loss of $18.6mn, reversing a $33.7mn profit in 1Q2017; writedown charges on non-LNG tankers however amounted to $18.7mn. Revenues from LNG charters were up year on year, as its ships worked more days.  Teekay’s fleet, including newbuildings, included 49 LNG carriers and 29 LPG/multigas carriers, in which its interests ranged from 20% to 100%. But for its results, only 19 LNG carriers and seven LPG/multigas ones considered as consolidated are included.

At end-March 2018, Teekay had agreements for the construction of five wholly-owned newbuild LNG carriers, the estimated remaining costs of which total $637.6mn, of which $492mn covered by project financing. Teekay took delivery May 8 of one of these five, Myrina, which the same day started a six-year charter to Shell. Upon delivery, Teekay sold and leased back the vessel under certain terms.