MOL signs Turkish power and steel deals

TOKYO: September 03, 2019. Mitsui O.S.K. Lines (MOL) and Turkish steel company Tosyalı Holding have signed an MoU for the transport of raw materials and steel products and the construction of a port in southeastern Turkey.

Tosyalı, with a 2018 output of over 10 million tons, last year began operating the world’s largest direct reduced iron (DRI) plant in Algeria that uses liquid natural gas (LNG) as its main energy source.

The agreement embodies “comprehensive strengths that enable the provision of one-stop solutions to the various transportation needs of customers,” says MOL that will strengthen its business structure targeting Turkey and Africa as a result.

In a related move, MOL and Turkish power company Karadeniz Holding have agreed to implement the first LNG-to-Powership floating power plant project in Mozambique.

The project, managed by MOL and Karpower International, will deliver regasified LNG to a Powership (pictured) via an FSRU – a floating storing and regasifying facility – in order to produce 120MW of electricity for Mozambique’s national power utility. When completed it will be the first LNG-to-Power solution and FSRU project in Eastern and Southern Africa.

Max Tonela Mozambique minister of Mineral Resources and Energy commented: “This project contributes to our national strategy of increasing the availability and reducing the costs of fuel to generate electricity for industrial development and energy access. This project does it through LNG, a critical fuel for Mozambique’s future.”

In 2007 Karpowership began the production of the first floating power plant Powership fleet and now owns and operates 22 vessels in Indonesia, Ghana, Mozambique, Gambia, Sierra Leone, Lebanon and Senegal.