Page 13 - GLNG Week 35 2021

GLNG NEWS IN BRIEF GLNG

AMERICAS ASIA International Maritime Organization (IMO)
adopted an initial strategy on the reduction of
Tellurian withdraws Japan’s first: LNG-fuelled GHG emissions from international shipping
by at least 50% by 2050 compared to 2008
senior note offering and tugboat Ishin uses carbon- levels, and to phase out GHG emissions from
international shipping as soon as possible, in
announces exercise of neutral LNG this century.
The goal of the MOL Group is to achieve
common stock over- Mitsui OSK Lines (MOL; President & net zero GHG emissions by 2050, as set out in
CEO: Takeshi Hashimoto; Headquarters:
the “MOL Group Environmental Vision 2.1”
allotment option Minato-ku, Tokyo) and its group company (Note 6), announced in June 2021. The group
set the “Adoption of Clean Alternative Fuels”
Nihon Tug-Boat (President: Tetsuro Nishio;
Tellurian announced today that it will not Headquarters: Chuo-ku, Hyogo Prefecture) strategy (Fig. 1) to realize the goal, and plans
proceed with its underwritten public offering today announced that the Nihon Tug-Boat- to introduce about 90 LNG-fueled vessels by
of $50mn aggregate principal amount of operated liquefied natural gas (LNG)-fuelled 2030. The Ishin is MOL’s first LNG-fueled
8.25% senior notes due 2028 which was tugboat Ishin was supplied for the first time vessel, and the group continues its proactive
successfully priced last Thursday night, with Carbon Neutral LNG (CNLNG) fuel by push on new initiatives to reduce GHG
August 26, 2021. Nasdaq informed Tellurian Osaka Gas (President: Masataka Fujiwara; emissions.
on Friday that it would not list the bonds due Headquarters: Chuo-ku, Osaka) and Daigas MOL aims to promote the wider use of
to a procedural interpretation. Energy Co., Ltd. (Daigas Energy; President: LNG-fuelled vessels while working to adopt
Tellurian executive chairman Charif Souki Masayuki Inoue; Headquarters: Chuo-ku, new alternative fuels such as ammonia and
said: “Clearly the massive retail investment Osaka) on September 1, 2021. This marks the conducting research and development on the
market has been disruptive to the old rules first use of CNLNG as vessel fuel in Japan. use of synthetic methane, which is expected
guiding institutional investing, first in CNLNG for the Ishin was supplied to contribute to further GHG reduction. It
equities and now in bonds. Of course, we to the tugboat using the truck to ship not only strives to reduce GHG emissions
are disappointed with Nasdaq’s decision method at the wharf in Sakai Senboku Port, generated from its own operations, but also
and wish it would have advised us earlier in Osaka. The “carbon neutral” designation to meet the needs of customers and society
the process. The good news is that Tellurian means that all greenhouse gases (GHGs), to reduce the environmental impact of its
has plenty of liquidity, we achieved a BBB+ generated throughout the life cycle of natural activities.
investment grade rating, and we established a gas extraction, liquefaction, transport, MITSUI OSK LINES, September 02, 2021
viable market for our debt securities. Tellurian production, and combustion processes, were
appreciates the continued support from offset by credit, and CNLNG is expected to First floating LNG project
its sophisticated and well-informed retail gain wide adoption in the future for general
investors, and we hope to have another debt use as well as vessel fuel. for BASF’s gas treatment
offering in the future.” The tugboat Ishin is owned by MOL,
Tellurian also announced that the and has been operated by Nihon Tug-Boat technology
underwriters of its recent public offering since February 2019. It has been supplied
of its common stock exercised their option with LNG fuel from Daigas Energy since the The latest floating liquefied natural gas
to purchase an additional 5,250,000 shares, beginning of the operation. On this occasion, (FLNG) project of the Malaysian oil and
bringing the total shares purchased to Daigas Energy and Nihon Tug-Boat signed a gas company Petronas (PFLNG DUA) has
40,250,000. The total additional gross memorandum of understanding (MoU) for selected BASF’s OASE® purple for its Acid
proceeds (before underwriters’ compensation supply of CNLNG over several years. Gas Removal Unit process. This is the first
and estimated expenses) from the exercise of Moves to tighten regulations on exhaust FLNG reference worldwide for BASF’s OASE
the option are approximately $15.75mn. emissions from merchant vessels have Gas Treatment technology. Together with
TELLURIAN, August 31, 2021 accelerated in recent years. In April 2018, PETRONAS and the Japanese engineering
partner JGC Corporation, PFLNG DUA has
been successfully started up in February 2021
and completed its Performance Test Run in
May 2021. The floating LNG facility opens
a new source of supply for cleaner energy
as it is designed to extract natural gas from
deepwater gas reservoirs in depths up to 1,500
metres.
OASE purple is an amine-based solution
that is utilized for the removal of acid gases
such as carbon dioxide (CO2) and hydrogen
sulphide (H2S) from natural gas. The
removal of acid gases is necessary to prepare
the gas for the liquefaction and subsequent
pipeline transportation. The highly efficient
and environmentally friendly BASF-
technology provides flexibility and low capital

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