Bahrain awards contract to build $400m floating LNG terminal

A consortium composed of Teekay LNG Partners, Samsung C&T and Gulf Investment Corporation (GIC) has signed agreements with the Government of Bahrain for the development of a $400 million LNG terminal in the Gulf kingdom.

The project will be located in Hidd Industrial area of Bahrain and will help the kingdom meet the increasing demand for gas supplies to satisfy its industrial and urban development, a statement said.

The Oil and Gas Holding Company (Nogaholding) awarded the contract and the project will be owned and operated through a new joint venture, Bahrain LNG, owned by Nogaholding (30 percent), Teekay LNG (30 percent), Samsung (20 percent) and GIC (20 percent).

The project will comprise a floating storage unit, an offshore LNG receiving jetty and breakwater, a regasification platform, subsea gas pipelines from the platform to shore, an onshore gas receiving facility, and an onshore nitrogen production facility.