Ince & Co and Baker Botts have acted on the first-ever floating storage and regassification unit (FSRU) in Southeast Asia – a deal linked to the joint venture project between Indonesian energy companies Pertamina and PGN, for Indonesia’s first FSRU terminal in West Java.
The regasified LNG will be supplied by PTNR to Indonesia’s state-owned electricity company PLN as a replacement for high speed diesel. Ince & Co won the mandate through its long standing relationship with Golar, having worked on various projects for the energy company in previous years.
In this deal, Ince & Co advised Golar LNG Energy on the completion of an 11-year time charter parter (TCP) for the provision of a FSRU and associated mooring to PT Nusantara Regas – the joint venture project between Pertamina and PGN. Advice was provided in three jurisdictions: London, Oslo and Singapore. The Ince & Co team was led by London-based partner Jonathan Goldfarb and supported by the Singapore team, led by partner Denys Hickey, also the firm’s head of energy & offshore group for the Asia Pacific.
“This is an exciting development, not only for Golar LNG, but the industry as a whole,” Goldfarb said.
The precise value of the deal has been kept confidential, but Golar had hinted at a figure around the US$500m mark.
“We were happy to support Jonathan Goldfarb and our London team from our Singapore office, which has three partners specializing in LNG,” Hickey said.
Baker Botts was the other international firm involved in this deal.ALB
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