en.Wedoany.com Reported - Samsung Heavy Industries announced that the floating liquefied natural gas production, storage, and offloading unit (FLNG) for Cedar has been launched, and the vessel will be named "megúgu". This FLNG, with a rated capacity of 3.3 million tons per annum (3.3 mtpa), is scheduled to complete commissioning and be delivered in the first half of 2028.

Samsung Heavy Industries is currently constructing three large FLNGs simultaneously, including Petronas ZLNG, Eni's Coral North FLNG, and this unit. The Cedar FLNG officially began construction in June last year, with Cedar LNG issuing a notice to proceed to Samsung Heavy Industries and Black & Veatch after finalizing long-term commercial offtake agreements. Samsung Heavy Industries is responsible for the FLNG's hull and topside process facilities, while Black & Veatch provides its PRICO technology.

The total investment for the project is $4 billion. Pembina management confirmed in a business update in April that the project remains on schedule and budget, with a target start-up date of the end of 2028. The Cedar LNG project is located on the traditional territory of the Haisla Nation, which holds a 50.1% stake in the project, with Pembina holding 49.9%.

Pembina previously signed a 20-year "take-or-pay" liquefaction processing services agreement covering 1.5 million tons per annum (1.5 mtpa) of LNG capacity. This agreement supported Cedar LNG's final investment decision in June 2024 and maintained key project timelines and economic parameters. In December last year, Pembina signed a 12-year agreement with U.S. oil and gas producer Ovintiv, covering 0.5 million tons per annum (0.5 mtpa) of liquefaction capacity at the Cedar LNG facility. Pembina noted that the agreement with Ovintiv is structured similarly to the previously announced 1 million tons per annum (1 mtpa) agreement with Petronas, under a synthetic liquefaction service structure. Under this agreement, Pembina provides transportation and liquefaction capacity to Ovintiv, securing a long-term, take-or-pay revenue stream with potential for incremental value enhancement. Following the agreement with Ovintiv, Pembina has resold its entire 1.5 million tons per annum (1.5 mtpa) capacity at Cedar LNG to third parties.

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