Ashurst acts for AGL on its long-term charter of a floating storage and regasification unit (FSRU) with Höegh LNG

The FSRU charter party, which was signed on 21 December 2018, covers the charter of the FSRU from Höegh LNG, together with liquefied natural gas (LNG) regasification and natural gas send out services, for a period of 10 years and is conditional upon a final investment decision by AGL and regulatory approval. The FSRU is a critical component of AGL’s proposed Gas Import Jetty Project, which aims to import LNG at competitive prices, increasing certainty of supply of affordable natural gas to the Australian market.

Lead partner Daniel Reinbott commented:

"The signing of the FSRU charter party represents a very significant milestone for AGL's proposed Gas Import Jetty Project, which will help diversify natural gas supplies in Victoria and support energy security in the south east of Australia. Ashurst is very privileged to have been able to support AGL, as external counsel, on the FSRU tender process and charter party negotiations".

The Ashurst team was led by Singapore based energy partner Daniel Reinbott and senior associate Jessica Ham, who were supported by senior associate Priya Shah, associate Maxim Rankine and trainee Crystal Yuen, and also included Ashurst Australia partners Michael Harrison, Justin Jones, Peter McCullough and consultant Hazel Brasington.

Höegh LNG was advised by external legal counsel, Guy Leonard, of SANDS, based in Oslo.