Gas Processing & LNG is Produced by Gulf Publishing Holdings LLC



EPIK signs agreement with Port of Newcastle to develop “Newcastle LNG” FSRU Import Terminal

SEOUL, South Korea  – EPIK Co. Ltd. (EPIK), a South Korea-based liquefied natural gas (LNG) floating storage and regasification unit (FSRU) project development company, announced that it has entered into a Project Development Option Agreement with Port of Newcastle, Australia to commence preliminary works on a proposed LNG FSRU import terminal. 

The project, named “Newcastle LNG,” will be sited within the Port of Newcastle, optimally located to serve the New South Wales gas market where natural gas prices remain higher than Asian LNG prices. 

Jee Yoon, EPIK’s Founder and Managing Director, said, “Based on our assessment of the New South Wales gas market, particularly along coastal demand regions such as Newcastle and Sydney, we are confident that by importing LNG via a new, low cost FSRU terminal, we will be able to provide an infrastructure solution that is capable of delivering a cost-efficient source of alternative gas supplies to the region on a long-term basis.”

Situated at the back-end of the existing gas transmission network, Port of Newcastle is one of Australia’s largest ports and a major trade and logistics hub, together making it an optimal area to develop an LNG import terminal. Mr. Yoon continued, “We are very excited to be working with Port of Newcastle and hope to expand our relationship by discussing other potential projects, such as a gas-fired power plant and an LNG bunkering facility.”

Port of Newcastle’s Executive Manager Customer & Strategic Development, Ian Doherty, said the deepwater port was uniquely placed on Australia’s east coast due to its significant land and channel capacity, making it an attractive location for the Newcastle LNG project. “This type of development opportunity is consistent with our diversification plans and we’re pleased to be supporting EPIK as it conducts preliminary investigation workespecially given its potential benefits for the NSW economy,” Mr Doherty said.

The potential investment for the Newcastle LNG project is estimated to be between US$400M and US$430M, which will include a 170,000m3 class new-build FSRU and associated on-shore infrastructure. EPIK expects to place an order for the FSRU new-build with a shipyard subject to receiving regulatory approvals for the project.


Copyright © 2018. All market data is provided by Barchart Solutions. Futures: at least a 10 minute delay. Information is provided 'as is' and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.

                                  CMEGroup                                     Icelogo

FEATURED COLUMNS

Editorial Comment
-Adrienne Blume
As discussed in the HPI Market Data 2019 report, published in November by Gas Processing & LNG’s sister publication, Hydrocarbon Processing, rising propane and ethane supplies in the US have been enabled by greater production of shale gas.
Industry Trends: Norway targets global LNG market
-Eugene Gerden
Norway aims to become a leading player in the global LNG market during the next several years through the establishment of new, large-scale LNG terminals.
Regional Focus: Challenges of scaling up Africa’s LNG production
-Shem Oirere
Several gas projects are underway in Africa, but they continue to be constrained by inadequate infrastructure, slow finance mobilization, lack of security and uncertainty over hydrocarbon regulations that are casting doubt on the outcome of the continent’s drive to meet its anticipated 128% gas demand increase by 2040.


GasPro 2.0: A Webcast Symposium

Register Now

The global LNG industry is becoming increasingly interconnected as grassroots export projects get off the ground. Another technology route for processing gas into fuels—GTL—is attracting renewed attention due to improving economics. Small-scale solutions for both LNG and GTL are at the forefront of new technological developments, while major projects using more conventional technologies continue to start up around the world.

During this webcast, we will focus on LNG, GTL, gas processing technology developments and deployments, operations, small-scale solutions, transportation, trading, distribution, safety, regulatory affairs, business analysis and more.

October 25, 2018 08:30 AM CDT

Register Now

 

Please read our Term and Conditions, Cookies Policy, and Privacy Policy before using the site. All material subject to strictly enforced copyright laws.
© 2018 Gulf Publishing Holdings LLC.