Vopak to Acquire 50% of Eemshaven LNG Terminal, Eyeing Expansion
04.12.2023 By TankTerminals.com - NEWS

April 12, 2023 [Oil&Gas Journal] – Royal Vopak and Nederlandse Gasunie have agreed in principle for Vopak to acquire 50% of EemsEnergyTerminal, in Eemshaven, the Netherlands. Gasunie put the 8-bcmy floating LNG terminal into service Sept. 15, 2022.

 

Royal Vopak NV and NV Nederlandse Gasunie have agreed in principle for Vopak to acquire 50% of EemsEnergyTerminal BV, in Eemshaven, the Netherlands. Gasunie put the 8-billion cu m/year (bcmy) floating LNG terminal into service Sept. 15, 2022, in response to gas supply insecurities and a desire to reduce dependence on Russian gas.

The partners are contemplating a capacity increase and are planning further development of the Eemshaven site to import green hydrogen. EemsEnergyTerminal uses two floating storage and regasification units (FSRU), one chartered from New Fortress Energy Inc. and the other from Exmar Group (OGJ Online, May 17, 2022).

Vopak and Gasunie are targeting completion of the transaction by Oct. 1, 2023, pending conditions, including approval from competition authorities.

The companies also held an open season to increase capacity at their 16-bcmy Gate terminal in Rotterdam by 4 bcmy. They would add a fourth storage tank to accommodate the additional capacity and plan to reach final investment decision by September 2023.

Vopak has decided to no longer pursue acquisition of a 49.99% share in the 8-bcmy Hong Kong LNG terminal it has been developing with Mitsui OSK Lines Ltd. The FSRU-based terminal is expected to start commercial operations later this year, but Vopak cited project delays as having reduced its attractiveness.

The company said it will remain involved in commissioning and will provide operational support as required.

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