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The Japan Bank for International Cooperation (JBIC; Governor: HAYASHI Nobumitsu) signed on December 22 a loan agreement in project financing amounting to up to approximately USD189 million (JBIC portion) with UnicornMark Discovery Pte. Ltd. (UnicornMark Discovery) in the Republic of Singapore, which is incorporated by Mitsui O.S.K. Lines, Ltd. (MOL). The loan is co-financed with MUFG Bank, Ltd., DBS Bank, Limited, Oversea-Chinese Banking Corporation Limited, and Standard Chartered (Singapore) Ltd. (SC).
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The loan is intended to finance the funds necessary for UnicornMark Discovery to own a newly built floating storage and regasification unit (FSRU), and provide vessel chartering services including leasing, operation, and maintenance, to Singapore LNG Corporation Pte Ltd, a state-owned LNG terminal operator in Singapore.
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As the only company in Asia that owns and operates FSRUs, MOL has positioned the FSRU business as a future driver of sustainable growth for the MOL Group. FSRU projects contribute toward low-carbonization and decarbonization within the energy policies of countries that import LNG, such as Singapore.
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In January 2022, the government of Japan proposed the concept of the Asia Zero Emission Community (AZEC), a framework to provide support and cooperation for efforts for energy transition by Asian countries by leveraging the strengths of Japanese companies, such as their technology and expertise. It is committed to actively supporting such efforts of individual countries including the utilization of natural gas.
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Support for MOL’s FSRU chartering service business through this loan will enable the company to accumulate expertise in this field. This, in turn, will contribute toward strengthening the MOL Group’s presence in the FSRU industry and across Asia, and enhancing its international competitiveness. This loan also supports the introduction of the first FSRU in Singapore, helping expand the country’s LNG import capacity and enhance its energy security.
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As Japan's policy-based financial institution, JBIC will continue to provide financial support for the overseas business expansion of Japanese companies and efforts to realize a decarbonized society, by drawing on its various financial facilities and schemes for structuring projects and by performing its risk-assuming function.
