Page 4 - DMEA Week 01 2023

DMEA COMMENTARY DMEA

The modular FSRU was completed at Sembcorp Marine’s shipyard in singapore in March 2021 (Photo: Karpowership)

Japanese banks help

finance FSRU for Senegal

JBIC, MUFG sign $71mn loan agreement with Senegal LNGT to cover cost of FSRU

SENEGAL is on track to start extracting natu- cost of SLNG’s plans for importing LNG via a
ral gas from its portion of the Greater Tortue/ floating storage and regasification unit (FSRU),
WHAT: Ahmeyim (GTA) offshore block in the second according to a statement from JBIC. SLNG will
Senegal LNGT will borrow half of 2023 and will begin sending its produc- use the FSRU to obtain gas that can be delivered
$36mn from MUFG and tion to a floating LNG (FLNG) plant for pro- to Senelec, the national power provider of Sen-
$35mn from JBIC. cessing into LNG before the end of the year. egal, and utilised as raw material for electricity
Nevertheless, it recently became party to a deal generation, the statement said.
WHY: that will help it sustain an existing arrangement
The funds will help to import LNG until March 2025. FSRU and power ship
Senegal import LNG even The deal in question was a set of loan agree- It indicated that the credits would help support
after it starts producing ments signed with two Japanese banks – namely, the ongoing operation of the FSRU, which was
LNG of its own.
the state-owned Japan Bank for International first brought to Senegalese waters and installed
WHAT NEXT: Co-operation (JBIC) and the country’s largest offshore near Dakar in June 2021. This vessel is
private bank, MUFG. In late December, the
operated by KARMOL, a joint venture between
The West African country
will need to keep buying banks agreed to lend $71mn to Senegal LNGT MOL and Karpowership of Turkey, and it regas-
LNG in order to produce (SLNG), a subsidiary of Japan’s Mitsui OSK ifies LNG for delivery to the Karadeniz Power-
power and cover supply Lines (MOL), with around $35mn coming from ship Ayşegül Sultan, a unit from Karpowership’s.
gaps. JBIC and $36mn coming from MUFG. fleet of electricity-generating ships that has a
The proceeds of the loan will help cover the capacity of 235 MW

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