The joint venture company Repsol / Gas Natural, Stream, incorporates to its fleet three new liquefied natural (LNG) gas tankers, one with the ship-owner Armador Elcano and two with Knutsen OAS.
Repsol signed the contract for the three stated tankers through a time charter party agreement. The tankers will be added to the fleet of the joint venture company comprised of Repsol and Gas Natural, Stream in which they participate on a 50/50 basis. The ships will be utilized in the development of businesses in the integrated gas chain (exploration and production, trading, transport, commercialization and distribution).
The three LNG tankers will start to operate in 2010 for the Peru LNG project, with a nominal transport capacity of 173,000 m3 of LNG. They are membrane reinforced, double hulled in which LNG will be transported at -163º C, and will be outfitted with the latest technologies to date.
The JV company, Repsol / Gas Natural LNG currently operates a fleet of 11 tankers to which the three will be added, and in the interm will take posesion of two additional tankers of which, one is near completion and will be incorporated in December 2007 and the other currently in operation which will be added to the Stream fleet in the beginning of 2009.
In 2010 Repsol / Gas Natural LNG will operate a total of 16 LNG tankers with sizes ranging from 35,000 m3 and 173,000 m3.
The propulsion of these new tankers will be powered by diesel-electric engines with dual combustion, which will permit greater propulsion efficiency and an important consumption reduction in comparison to the gas turbines utilized to the moment. This factor, coupled with a larger cargo capacity, will create a notable reduction of transport unit costs.
The new tankers will have approximate installed power plant of 41,000 KW, which will allow them a cruse service speed of 19.5 miles.
Knutsen OAS, as well as Elcano are internationally recognized ship-owners and currently have tankers contracted with Repsol YPF and Gas Natural, operated to full satisfaction.