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Ammon News - The National Electric Power Company (NEPCO) has formalized a 10-year lease agreement with BW LNG for a floating storage vessel in Aqaba, with the lease concluding in an acquisition.

This strategic move aims to address the Kingdom's demand for liquefied natural gas (LNG) and bolster energy security by diversifying energy sources.

Sufyan Bataineh, Director General of NEPCO, highlighted in a press statement that NEPCO will assume ownership of the floating storage vessel at the end of the lease period. The vessel will be stationed at Sheikh Sabah LNG Port.

Bataineh emphasized that the vessel will be crucial in strengthening the nation’s energy security.

"We are pleased to collaborate with BW LNG to secure a reliable, long-term energy solution for the Kingdom," said Bataineh.

He noted that the vessel will undergo necessary modifications before the lease commences to align with the requirements of the Sheikh Sabah Port Development Project, particularly the Onshore Gasification Unit.

Bataineh further stated, "Our commitment is to enhance energy security and diversify gas supply sources. This will be achieved through the utilization of BW’s floating storage unit and the development of infrastructure for the onshore regasification unit, aligning with global trends toward a low-carbon economy and sustainable, affordable energy solutions."

The vessel, initially a liquefied natural gas carrier, will be converted into a floating storage unit prior to the start of the lease and is expected to commence operations in the third to fourth quarter of 2026.

This vessel is part of BW's LNG fleet, which includes 34 ships, comprising four floating storage and regasification units and four vessels currently under construction. Petra