DUBAI, United Arab Emirates, Sept. 22, 2014 (GLOBE NEWSWIRE) -- Dubai Supply Authority (DUSUP) has entered into a 10-year charter agreement with Excelerate Energy under which Excelerate is to provide and operate a floating storage and regasification unit (FSRU) that will be located at DUSUP's existing Jebel Ali LNG import terminal. DUSUP is responsible for supplying energy to a number of key utility and industrial companies in Dubai and has partnered with Excelerate in order to meet the growing demand for natural gas in the Emirate.
The FSRU is expected to be in service in April of 2015 to cover the Dry Docking of the existing FSRU at the Jebel Ali terminal. Provisioned from Excelerate's existing fleet, the FSRU has 151,000 m3 of LNG storage capacity and will then be specially upgraded in the latter half of 2015 to be capable of a regasification capacity of 800 MMcf/d for service from 2016.
"This agreement is an important milestone in helping to ensure continued, uninterrupted supply of natural gas to meet Dubai's growing economy's needs" said Abdulla Abdul Karim, General Manager of DUSUP. "We will continue to deliver one of the greenest fuels to meet growing power generation and desalination needs."
"We are extremely pleased with DUSUP's selection of Excelerate Energy to provide our FSRU, and we are confident that this vessel, coupled with our industry leading experience and expertise in all aspects of floating regasification, will allow us to provide a high standard of service to justify the confidence that DUSUP has placed in us" said Rob Bryngelson, President and CEO of Excelerate Energy.
DUSUP was founded under Decree No. (2) of 1992 with the sole authority to buy, store, distribute and sell natural gas within Dubai. Since 2010, DUSUP has been importing and re-gasifying LNG at its Jebel Ali Terminal and has imported LNG to Dubai from every continent across the globe. www.dusup.ae
About Excelerate Energy®
Excelerate Energy L.P. is the pioneer and market leader in innovative floating LNG solutions. We provide integrated services along the entire LNG value chain with the objective of delivering rapid-to-market and reliable LNG solutions to our customers. Excelerate offers a full range of floating regasification services, from FSRU to infrastructure development; we serve the upstream market through the development of floating liquefaction (FLNG) solutions; and our established trading and chartering team is active in the global market and provides access to LNG supply and market to both our downstream and upstream customers. Headquartered in The Woodlands, Texas, Excelerate has a presence in Buenos Aires, London, Rio de Janeiro, and Singapore. For more information, please visit www.excelerateenergy.com.
Source:Excelerate Energy, L.P.