Mitsui O.S.K. Lines, Ltd. (MOL; President & CEO: Junichiro Ikeda announced that the company has reached a basic agreement with Gas Sayago, a joint venture between Uruguay's state oil company ANCAP and state power company UTE, to continue the floating storage and regasification unit (FSRU) project led by Gas Sayago.
The government of Uruguay recently cancelled its contract with GNLS S.A., a 50-50 joint venture between ENGIE of France and Marubeni Corporation, and announced plans to continue the project by using MOL's FSRU.
MOL also reached a basic agreement with Gas Sayago to go ahead with the project under the new project structure.
In October 2013, MOL signed a 20-year charter contract for an FSRU in the port of Montevideo, Uruguay, with GNLS, which was entrusted with the construction, ownership, and operation of the terminal project. This is the first FSRU project in which MOL will solely build, own, and operate the facility.