Under the agreement, both parties will embark on a wide range of joint efforts in development and optimization of FSRU products, formulation of relevant technical standards, design and review, joint research of new technologies, exchange of know-how and talent development for the industry.
Further to improving China’s FSRU construction standards, such cooperation is set to promote commercial application of floating LNG solutions in the country, nurturing LNG development in Chinese market.
This is namely part of a greater effort to foster the competitiveness of natural gas in China’s energy landscape, as the accelerated shift away from coal, driven from the increasingly stringent environmental requirements, has led to gas-supply shortages and a resulting rise in domestic LNG prices.
“We’re delighted to partner with CCS Wuhan Rules & Research Institute whose strengths in technical research can be leveraged in our joint contributions to the formulation of FSRU technical standards in China. We hope floating LNG import solutions that have been widely adopted in global market can better serve Chinese market, offering a more flexible and economical option to access LNG supply,” said Mr. Ying CUI, CEO of Wison Offshore & Marine.