AG&P LNG, a subsidiary of U.S.-based Nebula Energy, has entered into a definitive agreement with Venice Energy to acquire the entire LNG terminal project located at Outer Harbor in the Port of Adelaide, South Australia.
The total acquisition of the LNG terminal project
This project includes a floating storage and regasification unit (FSRU) (FSRU) with a capacity of approximately 145,000 cubic meters, in addition to new port facilities, cryogenic pipelines and specialized equipment. With this acquisition, AG&P LNG will assume the construction and operation of the terminal and will provide 100% of the financing.
Over the past eight months, both companies have actively collaborated in structuring the deal, after signing a binding term sheet in October last year. The final contract records the formal closing of the negotiation. In addition, the final investment decision (FID) is expected to be finalized towards the end of this year.
Moreover, the terminal has the approval of the South Australian Government and preliminary works at the site have been completed. The development seeks to strengthen regional energy security after 2028, in response to forecasted gas shortages in the southeast of the country.
The commercial plan includes short, medium and long-term gas supply agreements. This strategy seeks to diversify the customer portfolio and stabilize the flow of imported gas. The initiative consolidates AG&P LNG ‘s presence in the downstream terminals and infrastructure market in Asia-Pacific, underpinning its expansion outside Southeast Asia.
Source and photo: Venice Energy
