The Australian energy company Venice Energy has signed an agreement with gas logistics group Atlantic Gulf & Pacific (AG&P) LNG to secure a 146,000 m3 converted Floating Storage and Regasification Unit (FSRU) for its Outer Harbor floating LNG import terminal project in Port Adelaide (South Australia).
In 2021, Venice Energy had signed an agreement with Greece’s GasLog for a FSRU for the project by converting one of its 145,000 m3 steam LNG carriers to an FSRU, but the conversion was expected to cost in excess of US$100m. After a restructure within GasLog that included the selling of a number of vessels, AG&P LNG purchased the vessel assigned to the Outer Harbor Project and it agreed to guarantee the delivery of the converted FSRU at an improved cost and in a timely manner under a new commercial agreement.
The Outer Harbor Project will be fully powered with renewable energy, with a capacity to inject 110 PJ/year (3.1 bcm/year). The project has completed Stage 1 Enabling works to start construction and it expects to deliver LNG through a bidirectional pipeline to locations in South Australia and Victoria once completed.
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