Melbourne-headquartered Venice Energy plans to develop an FSRU-based liquefied natural gas (LNG) import terminal in Port Adelaide.
Speaking to Reuters, Venice Energy’s managing director Kym Winter-Dewhirst , said the project would start up in 2020.
The company is looking to file a development proposal with the South Australian government within the next month.
Construction could start in June next year if the approval is granted by the government within that one month window.
Venice Energy’s parent company Integrated Global Partners would fund the project that would see the liquefied natural gas fed into the South Australian market by June or July 2020, according to Winter-Dewhirst.
The project, aiming to mitigate the effects of LNG exports that limit the supply of natural gas to the Australian market, would cost at around A$800 million ($593 million). With the development spread over three stages, the project would also include a 500-megawatt gas-fired power plant.
The power plant project, named the Outer Harbor power project, would be developed over two stages.
Mitsubishi Corp was consulted for the feasibility studies on the project and talks are ongoing between the parties to continue the cooperation.
LNG World News Staff