Australian energy infrastructure developer Venice Energy has agreed to sell its project to LNG terminals 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-formed investment agreement that was settled and signed on Monday.
Venice Energy chair, Kym Winter-Dewhirst, said the agreement means AG&P LNG will provide 100% of project financing and will construct and operate the terminal. A final investment decision is expected later this year.
“Firstly, the regasification terminal will provide energy security to South Australia from 2028 onwards, and secondly, help alleviate forecast shortfalls in the gas supply market along the southeast of 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 on securing off-take customers through a combination of long-term and short to mid-term gas sales agreements.
The LNG import terminal is located in Outer Harbour in Port Adelaide, South Australia. The project includes an FSRU with a minimum storage of around 145,000 cu m, two new wharfs, loading arms, cryogenic piping, pumps, and associated infrastructure.
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