Venice Energy finds partner for South Australian LNG import project

Venice Energy said it had identified the leading contender to underwrite its FSRU-based LNG import project in the Port of Adelaide, South Australia.

The Adelaide-based firm said in a statement on Monday it has recently received a formal offer from a “major international infrastructure developer” to become the balance sheet partner and fully underwrite the proposed Outer Harbor LNG import terminal project in South Australia.

“Following eight months of discussions with a wide range of companies, Venice Energy has identified the leading contender and has entered into formal negotiations,” it said.

Venice Energy did not reveal the name of the company.

Moreover, Venice Energy expects to finalize both the legal and commercial elements of the agreement in “the next 6-8 weeks and declare FID following the signing of the deal”.

The company expects to begin construction later in the year.

Venice Energy added its plan to complete construction and commissioning of the facility to enable delivery of first gas by the end of 2026, “remains on track”.

Last month, Venice Energy said it plans to take a final investment decision (FID) to build its A$300 million ($201 million) FSRU-based LNG import project by August this year.

In February, Venice Energy, has signed a deal with Nebula Energy’s AG&P LNG to secure a converted FSRU for its planned project.

The company said that Greece’s GasLog sold the vessel assigned to Venice Energy’s project to AG&P LNG.

Venice signed a heads of agreement with Greece’s GasLog in July 2021, under which the latter agreed to supply an FSRU for the project.

The company also said at the time that the company met in Dubai and Abu Dhabi with several companies to discuss investment in Venice Energy and divestment of the Outer Harbor LNG project.

Most Popular

Greece’s Maran Gas to order more LNG carriers in South Korea

Sources told LNG Prime on Thursday that the deal includes two 174,000-cbm LNG carriers powered by ME-GI engines. Hanwha Ocean...

HD Hyundai Mipo scores order for four LNG bunkering vessels

HD Hyundai Mipo said in a stock exchange filing that it will build the vessels for an unidentified Asian...

Venture Global moving forward with Plaquemines LNG commissioning

The regulator said in a filing dated November 6 that it grated Venture Global Plaquemines LNG's request to commission...

More News Like This

Nebula’s AG&P LNG to buy Australia’s Venice Energy

According to a joint statement, AG&P LNG will buy 100 percent of Venice Energy, with Florida-headquartered Nebula Energy, the...

AG&P LNG inks deal with BKLS to deliver spot LNG cargo to China

Nebula Energy’s AG&P LNG has signed a deal with Singapore-based BK LNG Solution (BKLS) to deliver one spot liquefied...

Venice Energy expects FID on South Australian LNG import project by August

Venice Energy expects to take a final investment decision to build its FSRU-based LNG import project in the Port...

Nebula’s AG&P LNG, Hai Linh to launch tender for Cai Mep LNG commissioning cargo

Nebula Energy’s AG&P LNG and its partner Hai Linh plan to launch a tender next month for a commissioning...