BAMREN LNG is a joint venture company that includes a liquefied natural gas (LNG) terminal, LNG carrier vessel, and an offshore production facility to supply LNG to refineries, power generators and end users in Northern Europe. In November 2010, a consortium of international shipyards won the opportunity to build and construct the LNG carrier, which will be the world’s largest ever LNG vessel, with a capacity of over 8 million metric tonnes of LNG, to be delivered in 2017. BAMREN LNG consists of Hamburg’s HSH Nordbank AG, ThyssenKrupp Marine Systems, Daewoo Shipbuilding & Marine Engineering, STX Shipbuilding & Marine Engineering and Hyundai Heavy Industries.
BAMREN LNG’s LNG project is located 30 km west of Shetland in the Norwegian Sea. The first phase of the project comprises a LNG terminal, LNG carrier, and onshore storage facility, which will supply about 1.5 million metric tonnes of LNG annually to Northern Europe for the next 10 years. A power plant with a capacity of about 1,200 MW will be built in the project area and will also supply electricity to Europe.
In 2012, BAMREN LNG signed a contract with the Norwegian government for the construction and delivery of the LNG carrier, which will be the world’s largest ever LNG vessel. The LNG carrier was constructed in 2013 by the companies of the consortium HSH Nordbank, ThyssenKrupp Marine Systems, Daewoo Shipbuilding & Marine Engineering, STX Shipbuilding & Marine Engineering and Hyundai Heavy Industries. The construction of the LNG terminal started in 2012, while the drilling and engineering of the LNG carrier started in the spring of 2013. The total cost of the LNG terminal is estimated at about EUR 1.5 billion.
BAMREN LNG was established in 2008 by the consortium of four shipyards. The consortium included partners from Germany, Russia, South Korea, Japan and the United Kingdom.
In January 2009, the partners signed a letter of intent (LOI) with the Norwegian government. The LOI was followed by the signing of the master agreement by the Norwegian Government on 24 April 2009. The project is financed through the Norwegian Export Credit Guarantee and the Norwegian Export Credit Insurance Company, the Norwegian Ministry of Trade and Industry’s Export Credit Fund and the German Export Credit Agency be359ba680
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