Japan Bank for International Cooperation ( JBIC ) has signed a US$252 million loan with a subsidiary of Mitsui O.S.K. Lines ( MOL ) for a newly built floating storage and regasification unit ( FSRU ).

Sumitomo Mitsui Banking Corporation and Crédit Agricole Corporate and Investment Bank are co-lenders.   

White Eagle Energy, a Cypriot subsidiary of MOL, will use the funds to own a newly built FSRU, and provide vessel chartering services, including leasing, operation, and maintenance, to Gazociagow Przesylowych Gaz-System, a state-owned gas transmission system operator in Poland.   

Under its transition roadmap, Poland aims to reduce the proportion of coal in electricity generation to 56% by 2030 and introduce renewable energy and nuclear power by 2040, utilizing gas as a transitional energy source.

Through this loan, JBIC is contributing to Poland’s energy transition by supporting the country’s first FSRU and enhancing its capacity to regasify liquefied natural gas ( LNG ).

MOL is the only company in Asia that owns and operates FSRUs, and has positioned the FSRU business as a driver of sustainable growth. The loan will support MOL in maintaining and enhancing its operational and maintenance know-how for FSRUs, contributing to its improved international competitiveness in the marine development sectors.