Project Profile
Value: US$655 million
Location: Hidd industrial area, Bahrain
Capacity: 800 million standard cubic feet per day (mscfd)
Start-up: 2019
The Bahrain LNG Regasification Terminal is located in Hidd industrial area of Bahrain. The Oil and Gas Holding Company (Nogaholding) gave the project to Teekay LNG-Samsung-GIC consortium following an international competitive tendering process. The project will be owned and operated through a new joint venture, Bahrain LNG W.L.L., owned by Nogaholding, Teekay LNG, Samsung C&T and Gulf Investment Corporation (GIC) and is the first of its kind in the Middle East to be developed on a public-private partnership (PPP) scheme.
The project will comprise a Floating Storage Unit (FSU), an offshore LNG receiving jetty and breakwater, an adjacent regasification platform, subsea gas pipelines from the platform to shore, an onshore gas receiving facility, and an onshore nitrogen production facility. The project will have a capacity of 800 mscfd and will be owned and operated under a twenty-year agreement commencing early 2019.
Teekay LNG will supply the FSU vessel which will be modified specifically for this project, through a twenty year time-charter to the joint venture. The project, not including the FSU to be time chartered from Teekay LNG, project management and development, financing and other costs, is expected to cost approximately US$655 million, which will be funded through a combination of equity capital and project finance through a consortium of regional and international banks. Bahrain LNG import terminal will provide Bahrain with both an insurance policy in case of potential shortages of gas and the ability to supplement domestic gas supplies with gas from LNG.
Operators:
Nogaholding: 30% interest
Teekay LNG : 30% interest
Samsung C&T: 20% interest
Gulf Investment Corporation (GIC): 20% interest
Contractors:
GS Engineering & Construction: Contracted for the engineering, procurement, and construction (EPC) work.
Sub-Contractors:
Oceanus: Transportation and installation.
Aqualis Offshore: Specialist floatover services.