Venice Energy gets approval for South Australian FSRU project

Venice Energy said it has received approval from the South Australian government to build its A$250 million ($181 million) FSRU-based LNG import facility in the Port of Adelaide.

The Australian firm said in a statement on Thursday it has won the development approval.

According to Venice Energy, the terminal would become the only LNG import facility in South Australia and the first in the world to operate on renewable energy.

But it still has to take a final investment decision on the project.

In July, Venice Energy signed a heads of agreement with Greece’s GasLog under which the latter would supply an FSRU for the project.

Venice Energy’s managing director, Kym Winter-Dewhirst welcomed the announcement regarding the new approval and said the terminal would contribute to South Australia’s transition to a more renewable energy landscape.

“Venice is an integrated energy company and one that aims to bring a range of projects to
fruition that enable the growing renewables sector in South Australia – this terminal marks
our first project and we are thrilled to receive the green light to proceed,” he said.

He added that, through this terminal, Venice Energy would open the state to the international gas market and diversify local gas supplies, especially during peak periods.

Construction could start in 2022

The Outer Harbor project includes a two-berth wharf facility to accommodate an LNG carrier, the FSRU but also supporting infrastructure.

Moreover, the proposed facility would be located adjacent to the Pelican Point gas-fired power station next to the already productive Flinders Ports quay line.

Venice Energy expects to start construction in the middle of next year. It would take 12-14 months to complete and commission the facility following financial close.

It anticipates the first shipment of LNG into the terminal and connection to the South Australian gas network around late 2023 to early 2024.

In addition, the granting of development approvals opens the way for the company to undertake a feasibility study into making the 680km Seagas pipeline from Victoria to South Australia bidirectional, enabling the terminal to supply gas to two states, it said.

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