Introduction to FSRU
A floating storage and regasification unit or FSRU is
a crucial component needed when liquefied natural gas (LNG) is transferred and
transitioned with the use of oceanic channels. FSRU is also called a special
type of ship, which is used only when LNG needs to be transferred around the
world. The strong demand for liquefied natural gas across various regions in
the world has boosted the demand for floating storage and regasification units.
The demand for FSRU can surge in the coming years,
given the constantly booming Liquefied Natural Gas (LNG) industry. This has led
to tremendous economic growth in a variety of countries all over the world,
since it is environmental-friendly and can be adopted more in the near future
as it helps bring down the carbon emissions.
There have been some discoveries in offshore regions,
which have resulted in the fulfillment of demands made by several sectors, like
power generation as a feedstock for petrochemical manufacturers,
transportation, and others. FSRU helps on-time delivery of natural gas and
helps make it available to local markets. FSRU is expanding significantly to
cater to the demand for green fuel.
History of FSRU
FSRU was introduced almost 15 years, specifically in
the early 2000s. At present, there are almost 26 FSRUs across the globe, out of
these almost 23 works as terminals, three are used as LNG tankers, and close to
11 are still under construction. The FSRU is also growing on the back of
scheduling, lower cost and commercial flexibility. It has gained high favor
among countries that have to deal with land constraints, for the construction
of various stationary onshore regasification facilities which can take years to
not only build but also commission and operate. As a result, FSRU is the ideal
solution as it can be used at any location.
With the expanding CNG and LNG sectors thanks to their
low cost, reduced carbon emission as well as easy transportation facilities,
the demand for FSRU has elevated tremendously in recent years. FSRU has gained
momentum owing to its benefits including technology feasibility, flexibility,
availability and mobility.
Asia Pacific and Middle East & Africa to generate
highest demand for Floating Storage & Regasification Unit (FSRU)
The demand for FSRU is highest in those regions where
the need for natural gas is high. The easiest option for these regions is LNG
imports, where FSRU or Floating Storage & Regasification Unit terminals
offer the best alternative for LNG imports, compared to the terminals that are
land based, owing to the former’s low cost, fast project turnaround time as
well as great flexibility.
Emerging nations in the Asia Pacific region, mostly
Southeast Asia along with the Middle East & Africa re expected to generate
more demand for FSRU in the upcoming years.
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