Samsung Heavy Industries will be the sole provider of liquefied natural gas (LNG) storage facilities worth up to US$50 billion to Royal Dutch Shell for the next 15 years.
The company said Wednesday that an agreement has been signed with Netherlands-based Shell,

the largest energy company in Europe, naming Samsung Heavy and its
consortium partner Technip SA, a French oil and gas producer, the sole
supplier of LNG floating production storage and offloading (FPSO)
facilities.
Building an LNG-FPSO requires highly advanced technologies as the
vessel serves the multiple functions of producing, liquefying and
storing gas. Samsung Heavy last year became the first company in the
world to develop an LNG-FPSO, which cost about US$5 billion each.
Samsung Heavy expects an order of 10 vessels from Shell over the next
15 years. It will be in charge of building the facilities while Technip
SA designs them. The profits will be split equally between the two
companies.

Source: Associated Press

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