Vopak to buy 50 percent of Gasunie’s Eemshaven LNG hub

Dutch storage tank firm Vopak has entered into a deal with compatriot Gasunie to buy 50 percent of the latter’s LNG hub in the Dutch port of Eemshaven.

Vopak said in a statement on Tuesday that the principle agreement remains subject to a number of conditions, including the approval from the competition authorities.

The firm expects the transaction to complete by latest October 1, 2023.

The Eemshaven terminal features two chartered FSRUs, including the 26,000-cbm barge-based FSRU Eemshaven LNG and the 170,000-cbm Energos Igloo.

Moreover, it has a capacity of 8 billion cubic meters per year and supplies natural gas to capacity holders Shell, Czech utility CEZ, and France’s Engie.

Gasunie previously said that the ambition of its unit EemsEnergyTerminal is to be able to handle 9 bcm of natural gas before the end of this year, and then to grow to 10 bcm.

“This agreement highlights the commitment of Gasunie and Vopak to jointly develop and operate open access LNG infrastructure in the Netherlands and contribute to the energy security of Europe,” Vopak said.

The partners are planning the further development of the Eemshaven site to facilitate the import of green hydrogen, it said.

Gate LNG

Vopak and Gasunie are already partners in the Dutch Gate LNG terminal.

Launched in September 2011, the terminal has a nameplate capacity of 12 Bcm or 8.8 mtpa of LNG, three LNG storage tanks with a capacity of 540,000 cbm, and three truck loading bays.

Following modifications, Gate managed to add 4 bcm of capacity on an interruptible basis, available to users already having a position in Gate.

Vopak confirmed in the statement on Monday, providing an update on its LNG porfolio, that the partners are planning to take a final investment decision to build the fourth storage tank at their Gate LNG terminal in the port of Rotterdam by September 1 this year.

LNG Prime reported on this development on March 9.

Once all planned projects at Gate terminal have been completed, the terminal will have a regas capacity of 20 bcm per year.

According to Vopak, its equity investments in EemsEnergyTerminal and Gate terminal are expected to be around 100 million euros ($109 million) and will result in “attractive” operating cash return.

Hong Kong FSRU

Vopak also said that it has decided to no longer pursue the acquisition of 49.99 percent of the vessel owning company of MOL that owns the world’s largest FSRU.

Japan’s MOL and Vopak signed a deal in 2021 to jointly own the 263,000-cbm MOL FSRU Challenger which will serve the new offshore LNG terminal in Hong Kong.

The giant FSRU is expected to arrive in Hong Kong this week.

Vopak has been working with MOL for developing and commissioning the Hong Kong FSRU LNG terminal, and Vopak has “contributed much to the establishment of a reliable system for the operation and maintenance of the terminal,” it said.

“Although the commercial start is expected later this year, the delay of the project has resulted in reduced attractiveness and made Vopak decide not to make use of the share right,” the firm said.

Also, Vopak added it will remain involved in the commissioning of the terminal and will continue to provide support to the operation of the terminal as required.

Most Popular

Posco International, Glenfarne ink Alaska LNG pact

US energy firm Glenfarne and Posco International, a unit of South Korean steel producer Posco, have signed a deal to advance a strategic partnership for the development of the Alaska LNG project. This includes initial terms for a long-term heads of agreement for LNG supply.

Hudong-Zhonghua gets approvals for new LNG bunkering vessel

Chinese shipbuilder Hudong-Zhonghua has received approvals from five classification societies for a 25,000-cbm LNG bunkering vessel design it jointly developed with French LNG containment specialist GTT.

Monkey Island LNG pens offtake MoU

Houston-based Monkey Island LNG, the developer of a 26 mtpa liquefaction and export facility in Cameron Parish, Louisiana, said it had signed a memorandum of understanding with an unidentified international oil company for the offtake of LNG.

More News Like This

MOL gets OK for two LNG carrier designs with sails

Japan’s shipping giant MOL has secured approval from classification society Lloyd's Register (LR) for two liquefied natural gas (LNG) carrier designs equipped with four Wind Challenger sails.

Dutch Eemshaven LNG terminal hits new record

The FSRU-based LNG import facility in the Dutch port of Eemshaven, owned by Gasunie and Vopak, has reached a new record.

Cosco Shipping Development, MOL seal sale and leaseback deal for LNG carrier

Cosco Shipping Development, a unit of Cosco Shipping, has entered into a sale and leaseback agreement with a unit of Japan's MOL for one 271,000-cbm LNG carrier.

Dutch terminals remained top destinations for US LNG in June

Dutch Gate and Eemshaven LNG terminals remained the top destinations for US liquefied natural gas cargoes in June, according to the Department of Energy’s LNG monthly report.