⁍ The deal sees Squadron take full control of the Port Kembla Gas Terminal project that AIE is developing.
⁍ Squadron Energy is committed to the expedited development of the gas import terminal.
⁍ The project is one of five aiming to import LNG into southeast Australia to fill a looming shortage expected from 2024.
– An Australian billionaire has snapped up a controlling stake in a planned gas import terminal in New South Wales in a move designed to speed up the project, Reuters reports. Mining magnate Andrew Forrest bought out Japan’s JERA and trading house Marubeni for an undisclosed price to take full control of the Port Kembla Gas Terminal. The terminal is one of five planned to import liquefied natural gas into southeast Australia to fill a looming shortage expected from 2024 as gas supply from the Bass Strait fields off the coast of Victoria rapidly declines. The project is one of five aiming to import LNG into southeast Australia to fill a looming shortage expected from 2024 as gas supply from the Bass Strait fields off the coast of Victoria rapidly declines. JERA, the world’s biggest LNG buyer, and Marubeni have indicated they would be open to working with AIE in the future, including lining up LNG supplies and building an associated gas-fired power station. AIE has been pushing to reach a final investment decision on the Port Kembla project this year, in order to start importing LNG by 2022, with construction expected to take 14 to 16 months. AIE has been pushing to reach a final investment decision on the Port Kembla project this year, in order to start importing LNG by 2022, with construction expected to take 14 to 16 months. JERA, owned by Tokyo Electric Power 9501.T and Chubu Electric Power 9502.T, said the liquefied natural gas import terminal made sense for a region that faced tight gas supply. Marubeni declined to comment.
Source: https://www.reuters.com/article/australia-lng-imports-int/japanese-sell-out-of-australian-lng-import-project-idUSKBN274309