MOL joins Karpowership to further powership business

Sarah Carter

Sarah Carter · 01 April 2019

CEO/Director


Japanese operator MOL has joined forces with the Turkish powership specialist Karpower International (Karpowership) to collaborate in the LNG-to-Powership business to become the world’s most reliable and preferable LNG to Powership solution provider, under the brand name of KARMOL. The parties aim to co-invest in the related assets and joint market its solution in selected markets around the world.

Since 2007, Karpowership has converted several aged ships into what are effectively floating power stations by installing large generators on deck. Among the ship types included are tankers, ro-ros, ro-pax and offshore ships.

The Business will generate power through the Powership by receiving regasified LNG through a floating LNG storage and regasification unit to provide reliable electricity to shore grids and facilities where base load electricity and/or replacements of fuel mode are required to meet the environmental concerns. Significance of this KARMOL collaboration are;

  • 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
  • Replacement of higher emission fuels by LNG to significantly reduce greenhouse gas emissions
  • Business synergy is assumed by combining both companies track records and excellence

in their operations. MOL’s track record and expertise of LNG Carrier and FSRU business and Karpowership’s track record and expertise of Powership® business.

The parties are aiming to progress several projects in the future and have already began the conversion an existing LNG carrier into a floating storage and regasification unit (FSRU) to provide regasified LNG to a Powership.

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