Japanese duo exit Australian Port Kembla FSRU project

Japan’s JERA and Marubeni have sold their stakes in the Port Kembla FSRU project to Australia’s Squadron Energy, which will now continue to develop the import facility solo.

To remind, Australian businessman Andrew Forrest’s Squadron Energy, Japanese trading house Marubeni and LNG trading giant JERA formed the import project developer Australian Industrial Energy back in 2018.

Under the new arrangement, Squadron has acquired JERA’s 19.9% and Marubeni’s 30.1% interest in the project. Following the new deal, Squadron gains full ownership and operatorship of AIE.

Squadron Energy Chairman Michael Masterman said AIE will now focus on accelerating the project’s development.

“JERA and Marubeni have both indicated they remain open to future opportunities for targeted involvement in the project,” he said.

This includes LNG procurement, and the development of an associated gas-fired power station, Masterman said.

FID yet to be taken

The Port Kembla facility in New South Wales is one of the proposed LNG import projects aiming to bring natural gas to southeast Australia to fill in the looming shortage.

AIE previously appointed construction contractor, Spiecapag Soletanche Bachy. Additionally, the firm also secured the Hoegh Galleon as the project’s FSRU.

The Port Kembla terminal will have the capacity to deliver over 100 petajoules of natural gas each year. This represents about 75 percent of NSW total market needs, according to AIE.

It could source LNG supplies from Western Australia, Queensland or anywhere else in the world.

Furthermore, AIE plans to reach a FID in the next few months and start importing LNG by 2022.

Most Popular

Botas, EGAS ink FSRU charter deal

Egypt's EGAS has signed a charter deal with Turkiye's Botas to deploy one of Turkiye's operational floating storage and regasification units in Egypt.

YPF CEO: FID on second Argentina FLNG expected by July

Pan American Energy, Golar LNG, YPF, Pampa Energia, and Harbour Energy plan to take a final investment decision on Argentina's second floating LNG production unit by the end of July, according to YPF CEO Horacio Marin.

Glencore, Commonwealth LNG finalize 20-year supply deal

Switzerland-based energy trader Glencore has finalized its previously announced long-term agreement with Kimmeridge's Commonwealth LNG to buy liquefied natural gas from the latter's planned LNG export plant in Cameron, Louisiana.

More News Like This

Jera, Saibu Gas ink deal for third Hibiki LNG tank

Japan's Jera has signed a deal with compatriot Saibu Gas to use the planned third liquefied natural gas (LNG) storage tank at the latter's Hibiki regasification terminal in Kitakyushu.

Jera and EDF expand LNG trading JV to include Japanese power trading

Japan’s Jera and France’s EDF have agreed to expand their LNG and coal trading joint venture, Jera Global Markets, to include Japanese power trading.

Japan’s Jera launches third LNG unit at Goi power plant

Japan’s Jera has launched the third and final new LNG unit at its Goi thermal power plant in Chiba as part of a replacement project.

Adnoc Gas, Jera Global Markets seal $450 million LNG supply deal

Jera Global Markets, a joint venture between majority shareholder Japan’s Jera and France’s EDF, and Adnoc Gas announced the...