Gaz-System has concluded Term Sheet agreements with two shipowners, setting out the framework conditions for the delivery and use of the first FSRU (Floating Storage Regasification Unit) to serve as a regasification terminal in the Gulf of Gdansk. A tender procedure is still underway to select one supplier from the two pre-selected ones in the second stage, with whom a Time Charter Party will be signed. Regasification services are planned to start in early 2028.
Term Sheet agreements have been signed with two entities, Mitsui O.S.K. Lines and BW LNG, selected during the first part of the tender process. The agreements regulate the most important terms of the future charter agreement, such as the delivery date of the vessel, the obligations of the parties, the consequences of delayed delivery, and the charter period. The provisions contained in the Term Sheet do not have the character of binding obligations of the parties.
Still, they define the ‘road map’ for further charter contract negotiations and, in their essential form, will be reflected in the target charter contract (Time Charter Party), which Gaz-System plans to conclude for 15 years with one of these entities.
Both companies are global leaders in the FSRU industry. BW LNG is a wholly owned subsidiary of BW Group, a leading maritime sector company with a fleet of more than 490 oil and gas vessels, 33 of which are LNG carriers and FSRUs. Japan’s Mitsui O.S.K. Lines has 111 LNG vessels, including the first FSRU called the Bauhinia Spirit.
We are already one step away from signing a charter contract for an FSRU, a floating terminal in the Gulf of Gdansk. Poland has gained a great deal from its consistent development of energy infrastructure. The realisation of the FSRU project complements the long-term strategy of diversifying the directions of blue fuel supplies and building gas security for Poland and the region. It counterbalances Russian supplies in the region and provides new opportunities for the economic development of our country,” said Anna Łukaszewska-Trzeciakowska, government plenipotentiary for strategic energy infrastructure.
We have completed a key stage of the procedure for selecting the supplier of the FSRU vessel. Separate conditional preliminary agreements, called Term Sheet, have been signed with two entities. We have selected experienced companies with the know-how and appropriate production and financial background for further negotiations. The construction of the floating FSRU Terminal in the Gdansk Bay is currently the most important investment of our company – said Marcin Chludzinski, CEO of Gaz-System.
BW LNG is honoured to be among the candidates selected by GAZ-SYSTEM to build and operate the first FSRU in Poland. BW LNG will do its utmost in co-operation with GAZ-SYSTEM, aiming to diversify gas supply sources and enhance energy security not only for Poland, but also for the Central and Eastern European region. With our extensive experience in FSRUs, we are looking forward to the start of this strategic cooperation, continuing the long-standing relationship linking Norway and Poland. At BW LNG, we are committed to our strategy of developing floating LNG infrastructure, in a world moving towards a low-carbon society where countries are looking for sustainable, affordable and reliable energy,” said Yngvil Åsheim, CEO of BW LNG.
‘It is a great honour for MOL to contribute to a strategic infrastructure project in the Gulf of Gdansk. Throughout its 140-year history, MOL has provided services in various industries and has always acted with the customer in mind. We see the LNG sector as one of the key factors leading to a sustainable global economy. We are committed to this remarkable project that strengthens energy security in the region in the long term,” said Toshinobu Shinoda, managing director of the regional branch of Mitsui O.S.K. Lines, Ltd, MOL (Europe Africa).
The FSRU) will be suitable for a regasification process of 6.1 billion cubic metres of gas fuel per year. Gaz-System has already signed a contract to use this unit’s regasification capacity.