July 17, 2024 [LNG Prime]- Venice Energy said it had identified the leading contender to underwrite its FSRU-based LNG import project in the Port of Adelaide, South Australia.
The Adelaide-based firm said in a statement on Monday it has recently received a formal offer from a “major international infrastructure developer” to become the balance sheet partner and fully underwrite the proposed Outer Harbor LNG import terminal project in South Australia.
“Following eight months of discussions with a wide range of companies, Venice Energy has identified the leading contender and has entered into formal negotiations,” it said.
Venice Energy did not reveal the name of the company.
Moreover, Venice Energy expects to finalize both the legal and commercial elements of the agreement in “the next 6-8 weeks and declare FID following the signing of the deal”.
The company expects to begin construction later in the year.
Venice Energy added its plan to complete construction and commissioning of the facility to enable delivery of first gas by the end of 2026, “remains on track”.
Last month, Venice Energy said it plans to take a final investment decision (FID) to build its A$300 million ($201 million) FSRU-based LNG import project by August this year.
In February, Venice Energy, has signed a deal with Nebula Energy’s AG&P LNG to secure a converted FSRU for its planned project.
The company said that Greece’s GasLog sold the vessel assigned to Venice Energy’s project to AG&P LNG.
Venice signed a heads of agreement with Greece’s GasLog in July 2021, under which the latter agreed to supply an FSRU for the project.
The company also said at the time that the company met in Dubai and Abu Dhabi with several companies to discuss investment in Venice Energy and divestment of the Outer Harbor LNG project.
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