International law firm Ince & Co LLP advised Golar LNG Limited on the successful completion of a Floating Storage and Regasification Unit (FSRU) time charter with the Ministry of Energy and Mineral Resources of Jordan.
Ince advised Golar on all aspects of the charter and related documentation, from the initial expression of interest, throughout the tender stage, to final completion of the deal on 31st July.
The FSRU Golar Eskimo will be moored at a purpose built structure that is to be constructed by the Aqaba Development Corporation off the Red Sea port of Aqaba. Capable of storing 160,000 cubic metres of LNG and delivering up to 500 MMSCFD with a peaking capacity of 750 MMSCFD, the FSRU will connect to the Jordan Gas Transmission Pipeline that delivers natural gas to power plants throughout the Kingdom.
The contract duration is for an initial term of ten years with the Government having an option to terminate the time charter after year five, subject to payment of an early termination fee.
The Ince team was led by London-based partner Jonathan Goldfarb , who was assisted by solicitors Penny Cygan-Jones and Ina Lutchmiah. Both Jonathan and Ina were also involved in advising Golar on its 2011 West Java FSRU Project, that marked Indonesia’s first LNG regasification terminal and significantly, the first FSRU project in Asia.
“We were delighted to assist Golar with the first floating regasification project in Jordan. This is yet another exciting development for Golar and demonstrates the company’s commitment to, and leading position as a provider of floating LNG solutions. Our role in the transaction highlights Ince’s expertise in the FSRU/FLNG arena.” Jonathan Goldfarb said.
Golar’s CEO, Doug Arnell comments: “Ince & Co were of great help in bringing this exciting deal to a successful conclusion. Their deep understanding of the LNG and offshore sectors enabled them to provide us with technically and commercially sound advice at every step.”
Ince & Co’s specialist LNG and Offshore Projects practice is built on a track record of successfully advising companies in the maritime and oil and gas industries, in which the firm has specialised for many years. Ince’s lawyers in the firm’s LNG and Offshore Projects practice have expertise in, and provide full service legal advice on all aspects of LNG and FSRU projects.