EPIK Co. Ltd, a South Korea-based LNG floating storage and regasification unit (FSRU) project development company, has announced that it has entered into a Project Development Option Agreement with Port of Newcastle, Australia to commence preliminary works on a proposed LNG FSRU import terminal.
The project, named ‘Newcastle LNG’, will be sited within the Port of Newcastle.
Situated at the back-end of the existing gas transmission network, Port of Newcastle is one of Australia’s largest ports and a major trade and logistics hub.
The potential investment for the Newcastle LNG project is estimated to be between US$400M and US$430M, which will include a 170 000m3 class new-build FSRU and associated on-shore infrastructure. EPIK expects to place an order for the FSRU new-build with a shipyard subject to receiving regulatory approvals for the project.