Viva Energy Signs Up Partners to Develop LNG Terminal at Geelong
12.14.2020 By Ricardo Perez - NEWS

December 13, 2020 [ET Energy World] – One of the consortiums is comprised of ENGIE SA’s local unit and Japan’s Mitsui & Co, while the other is made of Dutch energy and commodities trader Vitol and energy storage provider VTTI, Viva Energy said.

 
Australia’s Viva Energy said on Monday it signed initial agreements with two consortiums that showed interest in supporting the conversion of its Geelong refinery in Victoria into a liquefied natural gas (LNG) regasification terminal.

One of the consortiums is comprised of ENGIE SA’s local unit and Japan’s Mitsui & Co, while the other is made of Dutch energy and commodities trader Vitol and energy storage provider VTTI, Viva Energy said.

The memorandums of understanding with the consortiums signal an important step for Viva as it looks to get its refinery business back on its feet after a slump in demand owing to the pandemic hit the business’ bottom line and sparked threats of closures.

The development of the terminal for LNG regasification – a process to convert LNG back into its gaseous state – marks a transition to clean energy development as calls for reduction in emission levels rise in the wake of global climate change.

Viva will also work with its partners on additional clean energy projects along the Geelong site, including solar, gas powered generation, hydrogen manufacturing, and other renewable and lower carbon energy projects.

The memorandums of understanding also provide a potential demand from the partners for the gas processed through the facility. A final investment decision on the project can be expected by mid-2022, with gas supply in 2024, it said in a statement.

——

Click Here to Access Today a 6,000 Tank Terminal Database With a Pro Trial
6,000 terminals as per the date of this article. Click on the button and register to get instant access to actionable tank storage industry data

UAE Invests Billions in AI to Diversify Economy Beyond Oil
11.13.2024 - NEWS
November 13, 2024 [Oil Price]- The United Arab Emirates’ state-owned energy giant Abu Dhabi Nat... Read More
Gulf Energy Transition: Assessing Saudi and Emirati Goals
11.13.2024 - NEWS
November 13, 2024 [The Washington Institute]- On October 29, during Saudi Arabia’s annual Futur... Read More
How will The Energy Sector Fare Under Donald Trump?
11.13.2024 - NEWS
November 13, 2024 [Investing Daily]- The energy sector experienced a notable boost following Dona... Read More
PNOC, Pertamina Partner on LNG Infrastructure, Supply Chain
11.13.2024 - NEWS
November 13, 2024 [Manila Bulletin]- State-run Philippine National Oil Company (PNOC) has signed ... Read More