Australia’s energy infrastructure developer, Venice Energy, agreed to sell its LNG terminal project and downstream infrastructure firm AG&P LNG, a subsidiary of US-owned Nebula Energy.
This follows an eight-month negotiation process after signing a binding term sheet between the two companies in October 2024 and a full form investment agreement that was settled and signed on Monday.
Venice Energy Chairman, Kym Winter-Dewhirst, said the agreement means AG&P LNG will provide 100% of the project funding and will build and operate the terminal. A final investment decision is expected by the end of this year.
“Firstly, the regasification terminal will provide energy security to South Australia from 2028 onwards and, secondly, it will help alleviate forecast shortfalls in the gas supply market across southeastern Australia,” said Winter-Dewhirst.
The terminal has already been approved by the South Australian government, and site enabling works were completed earlier this year.
Venice Energy and AG&P LNG have been working together over the past eight months to secure offtake customers through a combination of long-term gas sale agreements and short-term mid-term agreements.
The LNG import terminal is located at the outer harbor in Port Adelaide, South Australia. The project includes an FSRU with a minimum storage of around 145,000 cu m, two new jetties, loading arms, cryogenic pipelines, pumps, and associated infrastructure.
Bojan is a former English language teacher turned journalist with years of experience covering the energy industry with a focus on the oil, gas, and LNG industries, as well as reporting on the rising energy transition. He had previously written for titles under the Navingo media group, including Offshore Energy Today and LNG World News. Before joining Splash, Bojan worked as an editor for Rigzone Online magazine.
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