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

Axalta to Acquire the CoverFlexx Group, a Leading Aftermarket Coatings Business Focused on Economy Customers in North America
05.17.2024 - NEWS
May 17, 2024 [Axalta]- Axalta Coating Systems (NYSE: AXTA), a leading global coatings company, to... Read More
Airport Operator Groupe ADP Invests $20 Million in Sustainable Aviation Fuel Provider LanzaJet
05.17.2024 - NEWS
May 17, 2024 [ESG Today]- Sustainable aviation fuel (SAF) technology and production company Lanza... Read More
Nordsol and Prodeval Announce Groundbreaking Bio-LNG Production Facility in Portugal
05.17.2024 - NEWS
May 17, 2024 [Storage Terminals Magazine]- Nordsol, a pioneer in bio-LNG technology, and Prodeval... Read More
Dow Expands Propylene Glycol Capacity in Thailand
05.17.2024 - NEWS
May 17, 2024 [Dow]- Dow announced the start-up of its propylene glycol (PG) capacity expansion at... Read More