LNG

Höegh LNG Holdings Ltd and Australian Industrial Energy have signed a final charter deal for the deployment of a floating storage and regasification unit at Port Kembla south of Sydney to help ease energy shortages in the state of New South Wales.

Hoegh LNG, the Norwegian LNG carrier fleet operator and floating import terminal project developer, reported stable third-quarter profits as one of its vessels resumed a floating import role at the port of Tianjin in northeast China, while the company was also in line for at least seven other ventures in Australia, the Indian Subcontinent and the Philippines.

Australian Industrial Energy, a company controlled by billionaire businessman Andrew Forrest, has signed a site lease for up to 25 years with New South Wales Ports for the Port Kembla Gas Terminal project to handle LNG shipments and resolve gas shortages in the region.

Australian billionaire Andrew Forrest's Squadron Energy has bought Japanese investors out of the Australian Industrial Energy joint venture formed to develop an LNG import project in New South Wales at Port Kembla, south of Sydney, and will speed ahead on its own.

Cooper Energy, the Australian oil and gas exploration company, is continuing the commissioning of the Orbost gas plant in the southeast state of Victoria from offshore supplies in the Sole gas field of the Gippsland Basin that may limit the needs for future LNG imports to the region.

Hoegh LNG, the Norwegian shipping and project company, said the global market continued to grow as it was selected for three floating storage and regasification unit (FSRU) contracts and with various tenders also being processed as lower natural gas prices are helping import infrastructure demand in Asia.