As the proliferation of LNG use spreads rapidly in the maritime and energy sectors, word from China is that Wison Offshore & Marine has signed an MoU with Shanghai Electric Power Generation Group, on a joint effrot to develop medium to large-scale floating LNG power generation barges.
Wison brings a wealth of experience and integration capability in floating LNG facilities, while Shanghai Electric is a leader in core gas power equipment and EPC services for international power projects.
Based on the Floating LNG Storage Regasification and Power Generation (FSRP) solution developed by Wison earlier on, both parties will join forces to build up capabilities throughout FSRP project life cycle from product development, marketing, project financing, facility construction, to operation and maintenance, with a view to accelerate commercialization of this innovative solution in global market. The parties will focus on developing medium large-scale FSRP, and study the application of Shanghai Electric’s world class gas turbine technology and integrated generation set solution to the FSRPs, such that the product’s economy and reliability can be further enhanced. While Wison already received Approval in Principle for its 50MW FSRP from Bureau Veritas (4BV.F) in July, today’s strategic move signifies Wison has taken a solid step towards medium large scale FSRP development.
As the EPCIC contractor for world’s first Floating LNG Storage and Re-gasification(FSRU) barge, Wison eyes FSRP as a critical extension of its LNG product portfolio, that is advantageous in project capital cost and lead time to comparable on-shore solutions.
Both parties have a buoyant view over power demands fueled by global economy which is largely driven by growth in developing countries, and clean power in particular has promising long-term prospects. Alongside gas-fired power, Wison and Shanghai Electric will also launch discussions on coordinating efforts to develop deep water wind power technologies, as well as to seek investment and operational opportunities in power sector, in the hope of making high value-added contribution to the energy security and development in regions with thirst for affordable clean power.