Japan’s NYK Group announced that it will be participating in a project to develop a floating LNG storage and regasification power generation facility in Papua New Guinea. Their entry into the sector is part of the company’s goal to integrate new sustainable business activities, including FSRP projects, into its business. NYK Group has been seeking to expand the variety of services it provides throughout the energy value chain to realize the business opportunities in the changing energy demands.
NYK said it will participate in the design, development, and engineering work of the floating LNG storage and regasification power generation facility (FSRP) planned near Lae, the capital of the Morobe province in Papua New Guinea. Located on the northern coast of Papua New Guinea, the storage facility will be close to some of the country’s key resources projects.
The new FSRP facility will have the capacity to generate 75 MW of power to be exported to the local transmission grid, in addition to being able to load and store 140,000 m3 of LNG that can be offloaded to smaller vessels and redistributed to local areas. The LNG can also be regasified and exported as gas via a pipeline to local areas as well.
NYK will be working together with the Chiyoda Corporation and Moss Maritime AS. The companies are under contract to Kumul Petroleum Holdings Limited, a national oil company in Papua New Guinea.
According to the companies, this project is an important step toward meeting the supply and demand requirement set out in Papua New Guinea’s Development Strategic Plan 2010- 2030. The country has set a goal of connecting 70 percent of Papua New Guinea’s population to secure electricity by 2030.