Nakilat, the Qatari gas carrier owner and operator, has become a member of the regas vessel community, having agreed with Excelerate Energy to take a 55% stake in the latter’s floating storage and regasification unit (FSRU) Exquisite. The 150,900 m3 ship is currently employed in regasifying cargoes at Port Qasim in Pakistan.
Remarking on the strategic importance of the deal, Qatar’s Minister of Energy and Industry and Nakilat chairman Mohammed Bin Saleh Al Sada, said, “This acquisition, the first FSRU co-owned by a Qatari company, is pivotal to our country as it paves the way for Qatari LNG to expand its outreach to developing and emerging markets. It will also enable Nakilat to secure its industry-leading position in the dynamic and competitive LNG sector.”
Nakilat regards the purchase of a majority stake in the Excelerate Energy regas vessel as the start of a commitment to the FSRU market. It opens up a new business avenue for the company to sustain its long-term growth and development strategies.
Exquisite has the capacity to regasify cargoes at a rate equivalent to 5.5M tonnes per annum (mta) of LNG at times of peak operation. The vessel has been on station in Pakistan since 2015 and introduced the country to LNG imports.
Exquisite has processed 10.4M tonnes of LNG since being positioned in Port Qasim. Of that total, 7.8M tonnes was Qatari LNG, loaded at the mammoth LNG export complex at Ras Laffan.
Commenting on the new relationship, Excelerate Energy’s managing director Steven Kobos said: “We are incredibly pleased to be entering into this important foundational relationship with Nakilat. In 2017 Exquisite delivered more regasified LNG ashore than any FSRU in history.”
Exquisite processed 4.6M tonnes of LNG in 2017, a 56.6% leap on the previous year’s volume.
Besides Exquisite, the Nakilat LNG fleet comprises 63 Q-max, Q-flex and conventional-size vessels.