According to a MOL statement, the banking syndicate includes the Japan Bank for International Cooperation (JBIC), Mitsubishi UFJ Financial Group (MUFG), DBS Bank, Oversea-Chinese Banking Corporation (OCBC), and Standard Chartered Bank (Singapore).
“This financing was made possible through the convergence of MOL’s mission to support customers in diversifying LNG procurement and ensuring a stable supply via FSRU projects; JBIC’s commitment to supporting the business expansion of Japanese companies in Asia; and the initiatives of JBIC, MUFG, DBS, OCBC, and SCB, which prioritize advancing the energy transition and contributing to decarbonization across the region,” the company said.
MOL did not provide further information regarding the agreement.
However, JBIC said in a separate statement that its share of the loan is up to approximately $189 million.
The loan is intended to finance the funds necessary for UnicornMark Discovery, a Singapore unit of MOL, to own a newly built FSRU, and provide vessel chartering services, including leasing, operation, and maintenance, to state-owned Singapore LNG.
SLNG currently operates Singapore’s only LNG import facility on Jurong Island.
Last year, the firm signed a deal with MOL to charter one FSRU for Singapore’s second LNG terminal.
Moreover, South Korea’s Hanwha Ocean officially began construction of MOL’s 240,000-cbm, which will serve Singapore’s second LNG import terminal, in October.
Singapore’s first FSRU is worth $413 million.
With a regasification capacity of 5 million tons per annum (mtpa), it will be moored at Jurong Port and connected to the gas network in 2030.
