MOL, Karpowership To Partner on LNG-to-Powership

Japan’s Mitsui OSK Lines (MOL) and Turkey’s Karpower International (Karpowership) will collaborate in the LNG-to-powership business under the brand name of Karmol, MOL said March 29.

The two companies will co-invest in assets and jointly market its solutions in selected markets around the world. The business will receive LNG via a floating storage and regasification units. It will then be used to generate power through the powership. The electricity will be provided to shore grids and facilities where base load electricity and/or replacements of fuel mode are required to meet the environmental concerns, MOL said.

“Hereafter, MOL and Karpowership will jointly promote the LNG-to-powership solution to provide this cost competitive and robust solution in selected markets. The parties will aim to materialise several projects in the coming years,” the Japanese company said.

The companies have already started to convert an existing LNG carrier into a floating storage and regasification unit (FSRU) to provide regasified LNG to a powership.