Polish gas transmission system operator GAZ-SYSTEM announced on Tuesday (14 November) that it has concluded a term-sheet agreement with two shipowners that set out framework conditions for the delivery and use of the planned floating storage regasification unit (FSRU) terminal in Gdańsk.
A tender process is still underway to select a single supplier from the two pre-selected in the second stage of the process, with which a charter agreement is planned to be signed (Time Charter Party), GAZ-SYSTEM said in a press release.
“We have completed a key stage in the procedure to select the supplier of the FSRU vessel. Separate conditional preliminary agreements known as Term Sheets have been signed with two entities. For further negotiations, we have selected experienced companies with the know-how and relevant production and financial background. The construction of the FSRU Terminal in the Gulf of Gdańsk is currently our company’s most important investment project,” said Marcin Chludziński, President of GAZ-SYSTEM.
Regasification services at the terminal are planned to start in early 2028. The Term Sheets have been signed with two entities selected during the tender procedure: Japanese transport company Mitsui OSK Lines and Norwegian shipping company BW LNG.
The agreements regulate key terms of a future charterparty, including the vessel delivery date, the obligations of the parties, the consequences of delayed delivery, and the charter period. The provisions of the Term Sheet do not constitute binding obligations for the parties. However, they set out a “roadmap’ for further negotiations of the charterparty and their essential content that will be reflected in the final charter agreement, which GAZ-SYSTEM plans to conclude with one of these entities for a period of 15 years.
“It is a great honour for MOL to contribute to the strategic infrastructure project in Gulf of Gdańsk. Through the 140-year history of MOL, we have been providing services across various industries with customer focused mindset. We see the LNG industry as an important key driver towards a sustainable global economy. We are committed to this remarkable project which strengthens the energy security in the region in a long term,” said Toshinobu Shinoda, Managing Director of Mitsui OSK Lines’s Regional Head Quarter, MOL (Europe Africa).
BW LNG is a wholly-owned affiliate of BW Group, a maritime company with over 490 vessels transporting oil and gas, 33 of which are LNG carriers and FSRUs. Japanese Mitsui O.S.K. Lines owns 111 LNG vessels, including the world’s largest FSRU Bauhinia Spirit.