Bahrain LNG Import Terminal to commence operations in H2 2019
NYSE-listed Teekay LNG Partners, which owns 30% in the development, says project to drive financial growth in 2019-20
The start-up of the Bahrain liquefied natural gas (LNG) terminal and four other LNG carrier buildings – a significant oil and gas project in the GCC – is expected to kick off in H2 2019, according to New York Stock Exchange-listed and Bermuda-headquartered Teekay LNG Partners, which owns 30% of the terminal, alongside the National Oil and Gas Authority (Noga) of Bahrain; Samsung Construction and Trading; and Gulf Investment Corporation.
Commenting on the project in the firm’s Q1 2019 financial statements, chief executive officer of Teekay Gas Group, Mark Kremin, said: “We anticipate [the projects] will continue to drive further growth in total adjusted Ebitda throughout the rest of 2019 and into 2020.
"Despite the near-term weakness in the spot LNG carrier market since the start of the year, we have recently been able to take advantage of the improving medium-term fundamentals by securing multiple attractive charters on our LNG carriers for periods ranging from one to three years."
Belgium-headquartered engineering company Besix has previously completed the design and construction of an of an LNG jetty on drilled and grouted pin piles, with a maximum length of 55m. at the Bahrain LNG Import Terminal.