Marubeni Corporation said it has reached an agreement with GDF Suez on participation in the offshore LNG receiving terminal project in Uruguay for providing the LNG receiving, storage and regasification service which GDF SUEZ, through its affiliate International Power S.A. (Belgium, IPSA) has been developing and has executed the shareholders agreement.

Through the holding company incorporated in Spain by Marubeni and IPSA on a 50/50 basis, Marubeni and IPSA participate in GNLS S.A. incorporated in Uruguay as a wholly-owned subsidiary of the holding company.

This project consists of the construction of one of the world’s largest Floating Storage and Regasification Units (FSRU) about 2km offshore in the La Plata River near Montevideo and providing the LNG receiving, storage and regasification service for a period of 15 years from the commencement of commercial operation of the said FSRU. The terminal usage agreement was executed on October 1 2013 between GNLS and Gas Sayago S.A. created by National Administration of Power Generation (UTE) and Transmission and National Administration of Fuels, Alcohol and Portland Cement (ANCAP) on a 50/50 basis. It is scheduled to commence commercial operation of the initial phase in July 2015.

This is the first offshore LNG receiving terminal project in Uruguay and is also the first time in the world for not only Marubeni, but also Japanese companies to participate in a project of this kind.