Iran ready to export its first LNG ship

Iran is set to export its first LNG cargo at the end of 2018, according to the Business Monitor International (BMI), something that originates from the creation a floating liquefaction project in the Persian Gulf waters, local media reported.

Specifically, BMI reports that Iran’s Kharg Gas Refining Company and Helma Vantage began are holding discussions with Belgian Exmar for its floating LNG vessel ‘Caribbean FLNG’.

According to sources, LNG produced by Iran is expected to be completed by 2019, with the new vessel featuring a 500,000 tons of LNG capacity.

For the time speaking, Iran offer a fast option for the deployment and monetization of the ‘Caribbean FLNG’ vessel, BMI reported. This facility processes natural gas, with a 97.6% methane content.

Local media reported that the project will have a worth of $600 million, however BMI noted that its volume will be insignificant, as its purpose is to create cooperation between Europe and Asia regarding the future of LNG.