On September 19th, Honghua Group(HH, stock code HK00196) was delighted to learn that Bureau Veritas(BV) issued General Design Approval for the FSP Type B LNG Containment System (FSP), which signifies that the innovated FSP technology led by HH has gained legal access to the market.
FSP, short for “flat-panel, semi-membrane and prismatic”, is a Type B LNG Containment System. This technology was originally a concept design patented by General Dynamics NASSCO(GD). Starting with the GD concept, HH worked in collaboration with the highly regarded cryogenic engineer Braemar Technical Services(Braemar) to make bold innovations and in-depth R&D efforts and address tough technical challenges with continued efforts. Meanwhile, HH partnered with the Shanghai Aerospace, EnTX, Jamestown and other famed businesses to pilot construction of the FSP prototype tank. Consequently, this technology has obtained the certification from the authoritative certifier BV which witnessed a battery of rigorous inspections and testing. Three solid years later today, this FSP technology, which pooled the wisdom and courage of experts and professionals from China, U.S, U.K. and France and cost HH over ￥100 mln yuan, has finally made its proud debut in the market.
The innovated FSP design incorporates the following unique advantages:
? FSP’s flexible design can be tailored to particular sized and shaped tanks for a wide range of projects.
? Cost to construct FSP tanks is more competitive than other currently major types of LNG tanks.
? FSP tanks are fabricated and outfitted in a dedicated facility in parallel with other construction activities, shortening by a big margin the overall project construction cycle and ensuring the highest level of quality.
On May 10th this year, HH inked with LNG 21 Partners, LLC a 2.2-billion-dollar-worth PLNG framework agreement, of which FSP was identified as the critical technical challenge of the storage system. The successful certification of the FSP technology indicates that the project’s final technical barrier has been removed, and that the overall technology of the project is becoming perfect and more feasible.
PLNG is an installation that is built offshore and shifts gas-related EPC project handling onshore and offshore sources to plant-like production. It features lower cost, shorter project cycle and safer service operations and other comparative advantages. As its FEED design kicked off in September this year, the PLNG project will be greatly boosted by the certified FSP technology.
As a single PLNG facility accommodates FSP tanks totaling 300,000 cubic meters, the FSP technology promises huge market potentials.
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