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\n<\/div>\nMitsui O.S.K. Lines, Ltd. (MOL) and Karpower International B.V. have\u00a0announced an agreement to collaborate in the\u00a0liquefied natural gas (LNG)-to-Powership business.\u00a0<\/p>\n
This will make them become the world\u2019s most reliable and preferable LNG to Powership solution provider, under the brand name of \u2018KARMOL\u2019.<\/p>\n
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The parties aim to co-invest in the related assets and joint market its solution in selected markets around the world.<\/p>\n
With the collaboration, they will generate power through the Powership\u00a0by receiving regasified LNG through a floating LNG storage and regasification unit to provide reliable electricity to shore grids.\u00a0<\/p>\n
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They will also provide facilities where baseload electricity and\/or replacements of fuel mode are required to meet the environmental concerns.<\/p>\n
The significance of this KARMOL collaboration includes the provision of very competitive initial Capex construction cost and fast track solution to provide LNG to Power to create immediate savings for customers and to meet the power demand.\u00a0<\/p>\n
It will also be the replacement of higher emission fuels by LNG to significantly reduce greenhouse gas emissions<\/p>\n
Also, Business synergy is assumed by combining both companies track records and excellence in their operations as MOL\u2019s track record and expertise of LNG Carrier, as well as Karpowership\u2019s track record and expertise of Powership, is unquestionable.<\/p>\n
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With this agreement, MOL and Karpowership will jointly promote the LNG-to-Powership solution to provide a cost competitive and robust solution in selected markets. The parties will aim to materialize several projects in the coming years.<\/p>\n
The parties have started to convert an existing LNG carrier into floating storage and regasification unit (FSRU) to provide regasified LNG to a Powership.<\/p>\n
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