Qatar-based shipping company Nakilat is to collaborate with floating power plant specialist Karpowership on a deal which will see the partners jointly owning and operating floating storage regasification units (FSRUs).

An FSRU allows for the at-sea transporting, storing, and regasifying of liquefied natural gas (LNG).

The Memorandum of Understanding (MoU), signed on 24th October 2021, will allow both companies to push ahead with the joint venture.

“This fits very well with Nakilat’s long-term growth plan to expand and diversify our shipping portfolio and strengthens our position as a global leader in the energy transportation sector,” said Abdullah Al-Sulaiti, Chief Executive Officer Eng., Nakilat.

The signing ceremony.

The signing ceremony.

The sentiment was echoed by Orhan Remzi Karadeniz, CEO, Karpowership, who said that the deal will enhance the company’s ability to offer a ‘one stop shop’ tailor-made solution to its customers.

“FSRUs together with Powerships deliver energy to any country around the world, by utilising a cleaner and more reliable fuel than many existing options,” he added.

The partners hope to deliver the first FSRU by 2023.