November 9, 2018 / 7:43 PM / 3 days ago

Croatia picks Golar Power to supply future LNG terminal

ZAGREB, Nov 9 (Reuters) - State-owned LNG Croatia on Friday picked Golar Power Ltd as the best bidder to deliver a floating storage and regasification unit (FSRU) for a planned European Union-backed liquefied natural gas (LNG) terminal in the northern Adriatic.

Golar Power was picked from three bidders, including Mitsui O.S.K. Lines and Maran Gas Maritime Inc, LNG Croatia, the company behind the project, said in a statement.

It said Golar Power, a joint venture between Golar LNG Ltd and Stonepeak Infrastructure Partners, offered to convert the existing LNG carrier to an FSRU at a cost of 159.6 million euros ($180.8 million).

The selected FSRU vessel has LNG storage capacity of 140,000 cubic metres, with a nominal LNG regasification capacity of 300,000 cubic metres of natural gas per hour, giving an annual capacity of 2.6 billion cubic metres of gas, it added.

In September, Croatia again extended a deadline - this time to Dec. 20 - for submitting binding bids to use the terminal, planned as part of the EU's efforts to diversify from Russian energy imports. The targeted markets are countries in central and southeastern Europe.

The total cost of the terminal is seen at 250 million euros, with the EU financing just over 120 million. The capacity of the terminal, which has a tentative date for operation from January 2021, will eventually depend on demand, said LNG Croatia.

The unsuccessful bidders can appeal the decision by Nov. 15, the company added.

$1 = 0.8828 euros Reporting by Maja Zuvela in Sarajevo Editing by Mark Potter

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