Bahrain’s Oil and Gas Authority (Nogaholding) has awarded a contract to a consortium consisting of Teekay LNG Partners, Samsung C&T and Gulf Investment Corporation (GIC) to develop a receiving and regasification terminal in the country.

The new terminal in the Hidd Industrial area of Bahrain will have an 800 million standard cubic feet per day capacity and help the nation meet increasing demand for gas supplies.

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A new joint venture called Bahrain LNG will own and operate the project under a 20-year agreement, starting on 15 July 2018.

"A new joint venture called Bahrain LNG will own and operate the project under a 20-year agreement, starting on 15 July 2018."

Nogaholding and Teekay LNG will each own a 30% interest in Bahrain LNG, while Samsung and GIC will both own 20%.

The consortium won the project following an international competitive tendering process and will develop it on a build, own, operate, transfer (BOOT) basis.

As part of the project, the consortium will construct a floating storage unit (FSU), a jetty and breakwater to receive offshore LNG.

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Also being built will be a regasification platform, subsea gas pipelines from the platform to shore, an onshore gas receiving facility, as well as an onshore nitrogen production facility.

The consortium selected GS Engineering & Construction as the project’s EPC contractor, while Teekay will supply the vessel through a 20-year time-charter to the joint venture.

The project will be funded using a combination of equity capital and project finance through a consortium of regional, as well as international banks.

Teekay LNG CEO Peter Evensen said: "We are thrilled to partner with GIC, who has experience with infrastructure project development throughout the Gulf region, and with Samsung, who has developed LNG regasification terminals elsewhere in the world."