• Press Release

NYK to Participate in the Design, Development and Engineering of a Floating Storage Regasification and Power Generation Project in Papua New Guinea

NYK will participate in the design, development and engineering work of a floating LNG storage and regasification power generation facility (FSRP)* planned near Lae, the capital of Morobe province in Papua New Guinea (PNG), together with the Chiyoda Corporation and Moss Maritime AS, a Norwegian company. This design, development and engineering work contract was received by the Chiyoda Corporation from Kumul Petroleum Holdings Limited, a national oil company in Papua New Guinea.

This project is an important step toward meeting the supply and demand requirement set out in the PNG Development Strategic Plan 2010– 2030, which has set a goal of connecting 70% of the PNG population to secure electricity by 2030.

The project will additionally contribute to the reduction of GHG (greenhouse gas) by providing environmentally friendly and sustainable energy to meet the increasing demand for industrial power generation in the country in the future.

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 small scale vessels and redistributed to local areas. The LNG can also be regasified and exported as gas via a pipeline to local areas as well.

Energy Value Chain

Today’s announcement highlighted in red.

In accordance with the NYK Group’s medium-term management plan “Staying Ahead 2022 with Digitalization and Green,” the company has indicated its goal to integrate ESG principles into management strategies to contribute to the achievement of SDGs through business activities including participation in FSRP projects. To meet changing energy demand, the NYK Group will continue to provide a wide variety of services throughout the energy value chain and promote activities toward the realization of a sustainable society.

*Floating Storage Regasification and Power Generation (FSRP)
A floating facility for storing LNG, regasifying it, and generating power. In addition, the LNG can be transshipped to smaller vessels, and also can be delivered as pressurize gas ashore.

Overview of Each Company

Chiyoda Corporation
Head Office: Yokohama, Japan
Chairman of the Board & CEO: Kazushi Okawa
Website: https://www.chiyodacorp.com/en/

Kumul Petroleum Holdings Limited
Head Office: Port Moresby, Papua New Guinea
Chairman of the Board: Dr. Benedict Yaru
Website: http://kumulpetroleum.com/

Moss Maritime AS
Head Office: Lysaker, Norway
CEO: Ida Husem
Website: http://www.mossww.com/

The news on this website is as of the date announced and may change without notice.