Largest Australian power company and failed LNG developer AGL sees shares plunge along with earnings
AGL Energy, the largest Australian power company whose plans for an LNG import terminal in the state of Victoria were thwarted by regulators and which fought off takeover interest from various quarters, saw its shares tumble 10 percent after very disappointing results and doubts on strategy.
Australian utility AGL whose LNG import ambitions were thwarted is at centre of US$3.5 billion takeover
AGL Energy, the Australian utility whose plans for an LNG import terminal in the state of Victoria were thwarted by regulators, has rejected an unsolicited joint bid of over US$3.5 billion from Brookfield Asset Management of Canada and one of Australia’s wealthiest individuals.
Dutch storage giant Vopak studies south Australian LNG import facility as well as one in South Africa
Royal Vopak, the Dutch storage company and shareholder in the Dutch liquefied natural gas import terminal in Rotterdam, said it was studying an LNG import facility in the south Australian state of Victoria after previously looking at a similar project in South Africa.
Vopak is an experienced LNG terminal operator and has a 50 percent stake in the Dutch Gate LNG facility in Rotterdam with 540,000 cubic metres capacity of storage.
It additionally has a 60 percent shareholding in the Mexican LNG terminal at Altamira in the Gulf of Mexico with 300,000 of tank capacity.
The company said that it was currently studying the feasibility of developing an LNG import terminal in Port Phillip Bay at Avalon in Victoria.
Vopak’s proposal for a facility using a floating storage and regasification unit is one of about half a dozen proposed for the southeast of Australia where natural gas shortages are forecast.
Victoria is the largest gas consuming state in that region of Australia and if the Vopak project moved forward the Dutch company said it it would expect first gas from around 2024.
Vopak said it planned to own 100 percent of the Victoria terminal, though it would evaluate partnering options if they arose.
“It is anticipated a facility would likely operate as a peak shaver for winter demand in the near term,” said Vopak.
Vopak in December 2020 joined US major ExxonMobil in saying it was studying possibilities for South Africa to become an LNG importer to boost gas-fired power and clean energy availability.
Vopak and ExxonMobil signed a memorandum of understanding on studying the development of a South African regasification facility.
So far no third-parties are involved in the process to make South African an LNG importing nation in the next couple of years.
The Rotterdam-based company said in its most recent earnings report that quarterly profits were impacted by Vopak’s share of a “one-off negative accounting result” of an associate industrial terminal in Malaysia.
That’s as annual net profits attributable to holders of ordinary shares of the company listed on the Dutch Euronext exchange dropped by around 47.2 percent to €300.9M from €571.0M.
AGL Energy makes attempt to convince inquiry into LNG project at Crib Point in southeast Australia
Australia's AGL Energy has pushed its case for regulatory approval for its liquefied natural gas import project at Crib Point in southeast Australian in the largest ever environmental assessment inquiry held in the state of Victoria.
South Korean company makes progress on LNG import project for Australian port of Newcastle
A South Korea-based liquefied natural gas project company has signed an agreement with Australian building contractors Watpac Ltd for the design and construction of the onshore infrastructure for the LNG import facility planned for the Australian port of Newcastle in the state of New South Wales.
Australian energy firm Santos extends gas processing accord with Cooper Basin producers
Australian energy company Santos, a stakeholder in three Asia-Pacific LNG plants, said it signed extension agreements with two operators for gas processing and related gas purchases at its Moomba gas facilities in the state of South Australia.
Hoegh Australian deal
Dec 21 (LNGJ) - Hoegh LNG, the Norwegian fleet owner and specialist in floating storage and regasification unit projects, said it signed a charter accord with Australian company AGL Energy for the provision of an FSRU for a venture at Crib Point in the state of Victoria. Hoegh said the charter was for 10 years and was conditional on AGL taking a final investment decision for the venture, scheduled for start-up by 2021.
The Norwegian company estimates annual earnings from the charter of between US$29 million and US$31M, depending on technical specifications. “We are delighted to have been awarded the contract with AGL for their new LNG import project,” said Hoegh President and Chief Executive Sveinung J. S. Stohle. “ Our modern FSRU solutions offer our clients the quickest, most cost-efficient and most flexible method of connecting a new market to global LNG trade,” added the CEO.
Labor-led Australian state of Victoria orders full environmental review of LNG regas project
The Australian state of Victoria has delayed an LNG regasification project planned by AGL Energy to end energy shortages because the Labor-run government has ordered a full environmental assessment of the venture ahead of November elections.
ExxonMobil considers Australian LNG regas project to rival Melbourne and Sydney ventures
ExxonMobil Corp, southeast Australia’s biggest domestic natural gas supplier and with stakes in liquefied natural gas production in the Asia-Pacific region and the Middle East, is considering importing LNG.
AGL Energy signs two accords to advance LNG regas terminal project for south of Melbourne
AGL Energy of Australia said it signed two agreements in relation to its proposed liquefied natural gas import jetty planned for Crib Point in the state of Victoria, one of two regasification projects planned for the southeast of the country to underpin gas supplies.
