To be developed on a build, own, operate, transfer (BOOT) basis, the project will be located in Hidd Industrial area of the kingdom.
The project is claimed to be the first of its kind in the Middle East to be developed on a public-private partnership (PPP) scheme.
New joint venture (JV) Bahrain LNG will own and operate the project, which will allow the kingdom to meet the increasing demand for gas supplies to support its industrial and urban development.
Nogaholding and Teekay LNG each own 30% stake in the new JV, while Samsung and GIC each own 20% stake.
The project will feature floating storage unit (FSU), offshore LNG receiving jetty and breakwater, adjacent regasification platform, subsea gas pipelines from the platform to shore, onshore gas receiving facility and onshore nitrogen production facility.
To be operated under a 20-year agreement from July 2018, the project will hold a capacity to provide 800 million standard cubic feet of gas per day.
GIC CEO Ibrahim AlQadhi said: "GIC is proud to be a pioneer investor in GCC infrastructure projects through partnerships with world leading industry partners."
Samsung C&T CEO Shin Kim said: "It is a great honor to have remarkable sponsorships with GIC, a leading investor with extensive experience and insight in the GCC region and also with Teekay LNG, a world class LNG shipping company with the highest technical expertise required for the Project."
