HONG KONG, October 22, 2012 -- Höegh LNG and Perusahaan Gas Negara (PGN) have signed terms for the LNG Floating Storage and Regasification Unit (“FSRU”) and mooring to form an offshore LNG receiving terminal offshore Labuhan Maringgai, in the Lampung province, at the south east coast of Sumatra, Indonesia.
The agreement is for a 20-year charter with two 5-year options to extend for a total period of 30 years. The mooring system will be procured by Höegh LNG, with PGN to pay for and take ownership in it once it is completed.
Baker Botts L.L.P. represented Höegh LNG in the transaction.
“The parties succeeded in overcoming exceedingly complex issues to sign a project that can now proceed to deliver an important part of Indonesia’s energy infrastructure,” said Baker Botts Partner Russell Wilkinson, who served as lead lawyer for Höegh LNG.
The Höegh LNG news release about the transaction is available here.
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