Viva Energy signs up partners to develop LNG terminal at Geelong

07/12/2020 08:55 LNG

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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.

 

source:energy.economictimes.indiatimes.com

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