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Petchem shipper plans big investment in Bahrain

Manama, November 14, 2011

Bahrain-based Skaugen Gulf Petrochem Carriers, a company specialized in Olefins, liquefied natural gas (LNG) marine transportation, could invest up to half a billion dollars in the Kingdom, said a top official.

Skaugen Gulf Petrochem Carriers is a Bahraini joint venture between Oslo-based IM Skaugen, CMH and Nogaholding.

I M Skaugen SE president and chief executive officer Mortis Skaugen said the company's four specialised multigas carriers, each costing $50 million, are operational while another $200 million could be spent on an upcoming LNG terminal in Bahrain over the next few years if the company won the contract.

He was speaking during a Press conference to announce the christening today of one of its specialised ships as Bahrain Vision.

'Naming one of the ships after Bahrain is our way of paying tribute to the kingdom,' he said during the event, at the company's offices at the Bahrain Financial Harbour.

Skaugen Gulf Petrochem Carriers was set up last December for marine transportation of LNG and liquefied petroleum gas (LPG) to fulfil the needs of the GCC petrochemical industry.

While National Oil and Gas Authority has a 35 per cent stake in the company, Skaugen holds another 35 per cent and Capital Management House 30 per cent.

Bahrain Vision, which has arrived in the kingdom, will be christened during a ceremony under the patronage of His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa, at Khalifa Bin Salman Port, Hidd, on Monday.

Energy Minister Dr Abdulhussain Mirza, Mr Skaugen and I M Skaugen Gulf Petchem Carriers board director and Bahrain acting general manager Osama Muien will be addressing the opening ceremony.

I M Skaugen SE is one of the companies in contention for the multi-million dollar Bahrain LNG project, for which the winning bidder is scheduled to be named by the year-end.

'We have submitted our bid for the terminal contract and, if the bid is in our favour, we are expected to invest $200 million or more to build it.'

The multigas specialised carrier is designed to carry LNG and other liquefied gas cargoes, including ethylene.

Skaugen said the ship is a combination of Norwegian technology and Asian workmanship, being built in China, operated by a Singaporean company that is carrying products from the GCC to clients in Asia. He said natural gas is the fuel for the future.

'LNG is a natural gas, cooked down to minus 162C where the gas becomes liquefied, reducing its volume 600 times. In its liquefied form as LNG, the gas is easy to store and transport either by sea or land,' he added.

Muien said the Bahrain Vision can carry most types of petrochemical gases and LNG.

'It is a highly energy-efficient vessel, designed purely for the carriage of LNG and similar liquefied gases and offers a simple, safe and flexible transport solution.'

He said the vessel is fitted with re-liquefaction facilities and can quickly cool down and re-liquefy gas cargoes and eliminate their wasteful boil-off.

Project manager Hans Verswijver said the naming ceremony would be attended by investors from Norway, China, Singapore, Russia, the GCC and other Middle East countries as well as guests of businessmen and professionals from within Bahrain.

'The next day, we will have an open day for stakeholders and specialists from oil companies and firms that use energy, in addition to students of specialised universities for access to the vessel,' he added.-TradeArabia News Service




Tags: Bahrain | investment | Norway | Nogaholding | Petrochemical shipper | Skaugen Gulf Petrochem Carriers | Bahraini Vision |

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