Ince advises Japanese shipowner MOL on Hong Kong’s first offshore LNG terminal
Leading international law firm, Ince, has advised Japanese shipowner, Mitsui O.S.K. Lines, on the supply of a floating storage and regasification unit to the Hong Kong Offshore LNG terminal project.
The Project involves a joint venture between sponsors Castle Peak Power Company Limited and The Hongkong Electric Co., Ltd. MOL will provide the vessel MOL FSRU Challenger, along with operations and maintenance services, to the Project which will service the Black Point and Lamma Island Power Stations. With a storage capacity of 263,000 cubic meters, the MOL FSRU Challenger is the largest FSRU in the world and the Project will ensure reliable and stable fuel supply for Hong Kong.
Ince advised MOL on the negotiation of the FSRU Time Charter Party and Services Agreement, Hong Kong regulatory issues and complex finance-related issues surrounding quiet enjoyment and step-in rights.
The Ince team which comprised of shipping, energy and finance lawyers was led by Devandran Karunakaran, Singapore office Managing Partner, with a team of lawyers from Singapore and Hong Kong.
Mr Karunakaran commented: "We are delighted to have supported one of our key clients, MOL, on this project, a milestone both in terms of the FSRU and Energy sectors. Ince’s role in this project is a testament to our vast experience in, and continued commitment to, the offshore energy sector in general and the FSRU sector in particular. Our cross-border team was able to give real-time advice on shipping, offshore energy, finance and local regulatory issues.”
Simon Hems, Head Energy & Infrastructure and Partner, London commented: “Our involvement in supporting one of the most significant players in this market leading project, is a testament to our global team’s ability to advise on, and deliver, complex, cross-border energy project work efficiently and effectively. We look forward to standing with MOL in their future endeavours and wish them every success with the Hong Kong Offshore LNG terminal project.”
MOL is one of the world’s biggest shipowners and is a market-leader in various offshore LNG terminal projects worldwide.