PowerGlobe in search for LNG carrier to support Croatia deal

July 7, 2020

Qatar’s PowerGlobe is looking to charter an LNG carrier to support its newly booked capacity at Croatia’s first import terminal on the island of Krk.

Krk LNG construction works
Krk LNG construction works (Image: LNG Croatia)

The energy arm of privately-held Optimized Holding said in a statement it plans to charter the LNG vessel for a period of ten years.

PowerGlobe did not provide any additional information regarding the charter.

LNG Croatia, the state-owned terminal developer revealed last month that the Qatari company booked capacity across a period of 15 years.

This is the largest capacity booking LNG Croatia revealed this year following deals with Hungary’s state-owned MFGK and trading firm MET.

Also, with this deal the terminal’s capacities have been fully booked for the first three years starting in 2021.

PowerGlobe’s booked capacity varies from 0,468 bcm to 0,936 bcm per year.

The company previously said it would deliver cargoes to Krk from its global LNG portfolio, mainly Qatar and US.

The delivery schedule consists of six conventional-sized vessels between 2021 and 2025, eight between 2025 and 2030, and twelve in the period from 2030-2035, it said.

The Krk terminal will have a capacity to send up to 2.6 bcm per year of natural gas into the grid.

It includes an FSRU connected to a jetty and additional facilities, and the connecting high-pressure gas pipeline.

The terminal developer expects to complete works on the Krk facilities in October this year, just in time when the FSRU arrives from China.

LNG Croatia aims to launch the long-awaited import facility on January 1, 2021.

PowerGlobe looking for new deals

Besides booking the Croatian capacity, PowerGlobe is looking to secure additional capacities at several European LNG import terminals.

These include LNG import terminals in Italy, Greece, Spain and the Netherlands.

The Qatari company says it targets for 3.6 bcm annual capacity by 2023.

The company previously delivered LNG cargoes across Mediterranean and Adriatic region.

Additionally, PowerGlobe’s plans entail LNG-to-power developments and underground natural gas storage facilities for “efficient LNG supply and natural gas trading.”

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