MOL Signs Joint Development Agreement with DSME for Environmental Friendly FSRU Technology

February 21, 2020

Mitsui O.S.K. Lines, Ltd. ("MOL"; head office: Tokyo, Japan; President & CEO: Junichiro Ikeda) and Daewoo Shipbuilding & Marine Engineering Co., Ltd. ("DSME"; head office: Geoje, Korea; President & CEO: Sung Geun Lee) have entered into an agreement to jointly develop a new technology to reduce environmental impact for Floating Storage and Regasification Unit (FSRU)(*1).

This new technology named "Cryo-Powered Regas" will enable to utilize the LNG cold energy, which used to be disposed, as power generation energy by adopting the Organic Rankine Cycle in the regasification process of FSRU. "Cryo-Powered Regas" technology is expected to reduce fuel consumption and CO₂ emission of FSRU significantly.
MOL and DSME plan to test the technology in a small-scale pilot facility within 2020 and provide the safe and environmental friendly technology to customers in future FSRU projects.
MOL values promoting environmental and emission-free businesses. This project is one of the cases where MOL will take proactive measures to enhance environmental compatibility of its services.

In MOL's management plan, "Rolling Plan 2019", MOL has positioned its Offshore Business as a field where MOL can leverage its strengths. FSRUs are drawing attention as a solution for flexibility and mobility in both the LNG and Electricity supply chain. MOL will promote the FSRU business and its associated services, which meets customer needs for diversified energy procurement and SDGs achievement (i.e., environmental condition and stable development), as the leading company of FSRU business in Asia.

(*1) Floating Storage Regasification Unit. A floating facility for storing and regasifying LNG, which is then pressurized and piped ashore.