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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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LNG Gorskaya in UK tie-up to attract bunker project financing

Company aims to finance the construction of LNG bunkering hubs in northern Europe.





Updated on 09 Mar 2017 15:41 GMT

The Estonian arm of LNG Gorskaya, LNG Gorskaya Overseas Ou, has signed an agreement with UK PR company Kinlan Communications to attract investment to finance the construction of liquefied natural gas (LNG) bunkering hubs in northern Europe.

The company reports that it intends to raise up to EUR 19 million via the placement of additional shares and convertible bonds between May and June this year.

Proceeds are to be used to finance the construction of LNG bunkering centres in Estonia, Germany, Latvia, Sweden and Finland, LNG Gorskaya said.

Earlier this year, LNG Gorskaya Overseas signed a letter of intent (LOI) with the Estonian port of Parnu to establish an LNG bunkering facility at the harbour. Commissioning of the centre is planned for December 2018.

Prior to this, in December, the Estonian firm also signed LNG supply agreements with Montu harbour (Estonia) and Lubeck (Germany) to build LNG bunkering centres at the two ports.

As part of the project, named Aurora, two bunkering vessels are currently being converted in a shipyard in Poland.

LNG Gorskaya has stated that bunkering vessels sourcing product from Montu and Lubeck would be capable of supplying ships at ports not only in Estonia and Germany, but also in Sweden and Latvia.

LNG Gorskaya has estimated that the cost of a storage facility with a capacity of 5,000 cubic meters would be EUR 25 million, whilst the cost of one LNG bunkering vessel is expected to be around EUR 10 million to EUR 12 million.

In addition to being financed by intra-company and external funds, LNG Gorskaya said last year that an EU-sponsored programme - such as the Connecting Europe Facility (CEF) for Transport initiative, which aims to support investment projects that develop new transport infrastructure in Europe - could also be used to fund the project.

LNG Gorskaya Overseas also has LNG agreements in place with Riga (Latvia) and Liepaja Oil Terminal (Lithuania).

LNG Gorskaya LLC

Bunker Index previously reported in December that LNG Gorskaya LLC had signed an agreement with Russia's 'Marine Facade' Passenger Port of St. Petersburg to develop an LNG bunkering infrastructure for cruise ships and ferries.

According to the agreement, LNG Gorskaya is scheduled to begin carrying out deliveries of LNG at the passenger port from 1st January 2018.

LNG is to be produced by LNG Gorskaya on a non-self-propelled barge. The total planned processing capacity of the plant is 1.968 billion cubic metres of natural gas per year, which corresponds to the production of 1.26 million tonnes of LNG.

During the first phase of the project, three bunkering vessels - each with a storage capacity of 7,000 cubic metres - are to be built.

LNG Gorskaya plans to enter the production facility into operation in December 2017 and at the same time to start selling LNG. The agreement with the Passenger Port of St. Petersburg to begin supplying from 1st January 2018 fits into this timeline.






Related Links:

Agreement to supply LNG at Russia's biggest passenger port in 2018
Kriogaz starts supplying LNG to Europe's bunker market
Estonia
United Kingdom

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