Venice Energy, the company behind the proposed South Australian LNG import terminal, has signed an MoU with Japanese trading and investment house, Marubeni.
Under the agreement, a joint venture partnership will be created for the A$260 mill project.
Venice Energy Managing Director, 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.
“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.
“Importantly this is a project that has not required tax payer funding,” he explained.
The planned facility will include two berths to be located in the outer harbour channel at Port Adelaide, along with an FSRU, cryogenic piping and associated infrastructure. LNG will be supplied via ship with the gas flowing to both the South Australian and Victorian grid networks.
The project will take an estimated 12 months to complete and operate for the next 10 years in support of Australia’s transition to a renewable energy landscape, the company said.
