Japanese shipping company MOL (Mitsui O.S.K. Lines) and Turkish energy group Karpower International B.V. (Karpowership) announced collaboration in the LNG-to-Powership business, under the brand name of “ KARMOL”.
The parties aim to co-invest in the related assets and joint market its solution in selected markets around the world.
The Business seeks to generate power through the Powership by receiving regasified LNG through a floating LNG storage and regasification unit, to provide reliable electricity to shore grids and facilities where base load electricity and/or replacements of fuel mode are required to meet the environmental concerns.
Among the advantages of the collaboration, the companies say, is the replacement of higher emission fuels by LNG to significantly reduce greenhouse gas emissions, as well as competitive initial Capex construction cost.
MOL and Karpowership said they will jointly promote the LNG-to-Powership solution, with the aim to become “the world’s most reliable and preferable LNG to Powership solution provider“. The parties will aim to materialize several projects in the coming years.
In 2007, Karpowership began the production of the first floating power plant “Powership“ fleet. Currently, the company owns and operates 20 Powerships in countries such as Indonesia, Ghana, Mozambique, Gambia, Sierra Leone, and Lebanon.