Venice Energy signs deal with GasLog for South Australian FSRU project

Venice Energy said it has entered into a heads of agreement with Greece’s GasLog under which the latter would supply an FSRU for its $155 million LNG import facility in the Port of Adelaide, South Australia.

The Australian firm said in May it had selected a Europan LNG shipping firm to provide the unit following a tender in December last year. However, it did not reveal the name of the firm.

Under the new heads of agreement, Venice and GasLog will negotiate a charter deal.

“Any agreed charterparty will be subject to customary conditions precedent, including
approval by the respective boards of directors,” Venice said on Tuesday.

Managing Director of Venice Energy, Kym Winter-Dewhirst, said the deal marks “a major step forward” for the LNG import project in Outer Harbor, Port Adelaide.

“GasLog is a pre-eminent global player in the LNG sector and having their involvement in our project is a significant boost for us. They will bring both physical assets and technical expertise,” Winter-Dewhirst said.

GasLog has lined up a number of LNG import projects around the world
including offshore Greece in Alexandroupolis and Panama. The firm operates a fleet of 35 LNG carriers, including vessels of GasLog Partners.

Working on approvals

Venice said it aims to finalize government and other approvals for the project “in the next few months.”

Following financial close, the firm expects construction works to last about 12 months.

Venice sees the first shipment of LNG into the facility and connection to the state’s gas network by end of 2022 to early 2023, it said on Tuesday.

The firm previously said it had expected to take a final investment decision in 2021.

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

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