Mitsui OSK Secures Financing for Floating LNG Terminal in Singapore with DBS and OCBC
Mitsui OSK Lines has secured project financing from a banking syndicate, including DBS and OCBC, for a floating storage and regasification unit (FSRU) in Singapore, which will serve as the city-state's second LNG terminal. This initiative, announced in October 2024, aims to enhance Singapore's natural gas import capabilities and aligns with MOL's Blue Action 2035 management plan focused on low-carbon initiatives and technological advancements.
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Mitsui OSK Lines (MOL) has finalized a project finance agreement with a banking syndicate for a new floating storage and regasification unit (FSRU) in Singapore. This FSRU will be operated by Singapore LNG Corporation as the city-state's second LNG terminal.
The banks involved include DBS, OCBC, Standard Chartered Bank (Singapore), Japan Bank for International Cooperation, and Mitsubishi UFJ Financial Group. Announced in October 2024, this project represents the first FSRU deployment in Singapore, which imports around 95% of its natural gas for domestic power generation. The initiative is part of MOL's strategy to address environmental needs through technology and services and aligns with its management plan, Blue Action 2035, promoting both shipping and non-shipping business expansion and low-carbon initiatives.
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