Shearman & Sterling advised BW Group in connection with its 15-year agreement with PGP Consortium Limited (PGPC) to provide LNG regasification services utilizing a new-build floating storage and regasification unit (FSRU) in Pakistan. The project will reduce Pakistan’s gas deficit by up to 30%, providing much needed fuel for new power generation plants in Pakistan.
The unit, which will be delivered in the first quarter of next year, offers a low environmental footprint, high efficiency, storage capacity in excess of 170,000m3 and a peak regasification capacity of 750mmscfd. The project will be commissioned by June 30, 2017 at Port Qasim, Karachi, Pakistan.
BW is a leading international gas shipping company with more than 80 years of maritime energy transportation history, 40 years of operational experience in LNG and a current fleet of 21 LNG carriers.
PGPC is an affiliate of Associated Group (AG), a Pakistani company specializing in the energy sector. Established in 1965, AG is Pakistan’s largest gas processor in the private sector.
The Shearman & Sterling team included counsel Lachlan Clancy (Singapore-Project Development & Finance).