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Money Forrest to build NSW's first LNG import terminal at Port Kembla

15:36  04 june  2018
15:36  04 june  2018 Source:

Australia's AGL expects to make decision on LNG import terminal in FY2019

  Australia's AGL expects to make decision on LNG import terminal in FY2019 Australia's AGL expects to make decision on LNG import terminal in FY2019The A$250 million ($189 million) project will consist of a leased floating storage and regasification unit (FSRU) and jetty at Crib Point in the southeastern state of Victoria. The terminal will handle up to 130 to 140 petajoules a year, or 2.6 million tonnes of LNG, by 2020 or 2021.

NSW market in the shape of an Andrew Forrest -backed LNG import project although some harbour doubts that imported gas would be affordable. "It is our view that more supply and more suppliers is a good thing," said BlueScope chief executive Mark Vassella , who added that Port Kembla was the

ready to receive liquefied natural gas ( LNG ) consignments at Karachi’ s Port Qasim by January 26, 2015. Pakistan’ s government will use 200 mmcfd of the capacity to import LNG by itself for the first year Unlike on-shore LNG terminal , which costs much more and takes longer to be built , Engro’ s

Fortescue chairman Andrew Forrest.© Bloomberg Fortescue chairman Andrew Forrest.

Fortescue Metals chairman Andrew "Twiggy" Forrest’s Australian Industrial Energy will build a floating LNG import terminal in Port Kembla to bring more gas to NSW and Victoria as soon as 2020.

The regasification facility, which will cost between $200 million and $300 million to construct, will also be NSW’s first LNG import terminal.

The terminal will import up to about 100 petajoules of LNG, which could meet around 75 per cent of NSW’s total gas demand.

AIE chief executive James Baulderstone said the import terminal would "solve the gas shortage in NSW", while NSW Minister for Trade and Industry Niall Blair called it a "game changer" for the state.

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Engro set up Pakistan’ s first LNG terminal at Port Qasim that has been handling the imports from Qatar since 2015. Two of the LNG terminals , to be built at Port Qasim, are expected to be commissioned in the second and third quarters of 2018.

This service fee is lower than that being received by the first terminal operator. The second terminal will also be built at Port Qasim and it will take 11 months. A total of 29 LNG shipments have so far berthed at the port in the last 13 months and all the imported LNG has been re-gasified and pumped

“From 2020, AIE plans to ship up to 1.8 million tonnes of LNG into Port Kembla. That’s enough gas to supply around 85,000 average homes for an entire year," Mr Blair said.

“NSW currently relies on various interstate sources for 95 percent of its gas needs, which can be less reliable and more expensive. This proposal has the potential to provide long-term security of gas supply at competitive prices.”

The floating regasification terminal will be built in Port Kembla Harbour.© Supplied The floating regasification terminal will be built in Port Kembla Harbour. The majority of the gas will be provided to large manufacturers and businesses.

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In 2013, the private NSW Ports Consortium leased Port Kembla ' s port . For the first time, RCI cruise ship (Radiance of the Seas) docked in Port Kembla in October 2016. Port Kembla cruise terminal .

Terminals /berths at Port Kembla are situated in both the Outer Harbour and the Inner Harbour. ITI, a timber importer , is looking for a strategic partner to build a new facility at Port Kembla in late 2009 to provide cost benefits for its timber imports . NSW Port Kembla . Port Hasting (Westernport).

It comes after the Australian Competition and Consumer Commission forecast a looming gas shortage on the east coast of up to 150 petajoules, and the government last year threatened gas companies with a mechanism that would slash exports unless they secured more domestic gas supply.

The new gas terminal is a lower-cost alternative to proposed interstate pipelines and a cross-country, $5 billion West to East gas pipeline, which could also alleviate a gas shortage.

The location of the new east coast gas terminal came down to a decision between two sites - Port Kembla or the Port of Newcastle. AIE chose Port Kembla as it is closer to large consumers of industrial gas as well as existing pipeline infrastructure.

The terminal will have storage tanks capable of holding around four petajoules of gas, equivalent to between 10 and 12 days of NSW’s total demand.

For the second stage of the development, AIE is investigating the construction of a new gas-fired power plant. It is understood this could include either expanding on existing small-scale power plants nearby to provide more energy to industrial users or building a new 750-megawatt power plant.

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With investment support from the Finnish Government of 185 million NOK, Skangass has decided to build a new import terminal for LNG on the southwestern coast of Finland at the port of Pori. Russia’ s First Floating Nuclear Power Plant Arrives in the Arctic.

It is unlikely a container terminal will be built at Port Kembla under current arrangements. The South Coast of NSW will be connected to container ports at both Port Kembla and Port of Newcastle. Building the section of the bypass line between Glenfield, Badgery’ s Creek and Eastern Creek first

Mr Baulderstone said it planned to develop this power generation between 2020 and 2022.

The facility will see LNG carriers visiting Port Kembla around every two to three weeks.

The LNG import terminal will be the first in NSW.© Michele Mossop The LNG import terminal will be the first in NSW. Who is AIE?

Australian Industrial Energy is led by the former Santos and Duet Group executive James Baulderstone, and Stuart Johnson, the head of Mr Forrest’s gas business, Squadron Energy. The consortium has the backing of Japanese firms Marubeni Corp and JERA, which is the world’s largest buyer of LNG.

JERA will supply the gas while trading house Marubeni provides infrastructure financing.

"The $200 million price tag is relatively small capital to these investors," Mr Baulderstone said.

AIE has already signed 12 memorandums of understanding with industrial users for the supply of gas but declined to name these groups.

JERA’s fuel business development and gas and power development senior vice president, Gaku Takagi, said the facility would be able to bring cheaper LNG to NSW.

“We believe we can make a major contribution to NSW and east coast energy supply competition and security,” Mr Takagi said.

Mr Baulderstone said AIE would work as quickly as possible to get the facility off the ground as the rising price of gas stretches Australian businesses' operating costs as they seek new sources of gas supply.

“In recent times, wholesale gas prices have doubled, and in many cases tripled, in NSW. In addition, many industrial companies are now unable to secure gas for any period longer than 12 months,” Mr Baulderstone said.

“AIE is well placed to deliver firm, long-term gas on highly competitive pricing and terms as a soon as 2020.”

The development is a boon for NSW, which has traditionally imported gas for industry and power generation from Queensland.

AIE is planning to lodge its development applications within the next few months.

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