Venice ropes in Marubeni for its South Aussie LNG project
Venice Energy has signed a memorandum of understanding with the Japanese trading house, Marubeni, to create a joint venture partnership for its A$260mn ($177mn) LNG import terminal being developed in South Australia, the company said on July 1.
Managing director of Venice Energy, Kym Winter-Dewhirst, said the company remains on track to begin on-ground works in the second half of this calendar year.
“Through this agreement, Marubeni will bring significant skills and expertise to the project and ensure a more secure pathway forward as the energy infrastructure is brought into operation,” he said.
“At the same time, we will work with Marubeni to develop a long-term partnership that will extend over the next decade as we open up southeast Australia to international gas supplies and ensure this piece of critical state infrastructure plays its part in securing some of our future energy needs,” Winter-Dewhirst added.
The terminal will include the development of two berths at Port Adelaide, along with a floating storage and regasification unit (FSRU), cryogenic piping and associated infrastructure. LNG will be supplied via specialised shipping with gas flowing to both the South Australian and Victorian gas networks.
The project will take an estimated 12 months to complete and operate over the next 10 years in support of Australia’s transition to a renewable energy landscape, Venice said.
Known as the Outer Harbor project, it received the project approvals from the South Australian government in December, with the project receiving both Crown Sponsorship and being designated as “essential infrastructure” by the state.
In July last year, Venice signed an initial agreement with GasLog to negotiate a charter party for the supply of FSRU.