Mitsui O.S.K. Lines will invest about $300 million in Delfin FLNG 1, a floating plant about 40 miles off the Louisiana coast that will turn US natural gas into LNG for export. That is about 23% of the project's roughly $1.4 billion in equity, alongside an investor group led by BlackRock's Global Infrastructure Partners and Vitol. The vessel will be able to produce 4.4 million tonnes of LNG a year. How floating LNG works Gas from the US mainland flows through existing pipelines to the vessel, which cools it into liquid at about 1/600 of its volume and loads it onto tankers. Floating plants stay clear of crowded shipping channels and can unhook and move away from hurricanes. The project Delfin has long-term sales deals with Vitol, Gunvor, Centrica and Expand Energy. Samsung Heavy Industries and Black & Veatch will build the vessel. Delfin's offshore port is designed for up to four vessels and about 13 million tonnes a year, and the company is working toward decisions on the second and third units. MOL's role Besides money, MOL will bring know-how from running floating storage and regasification units and from ship-to-ship cargo transfers, along with its experience operating the world's largest LNG carrier fleet.
