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BP and PetroChina International London underwrite Gate’s capacity expansion.

Published by , Editorial Assistant
Tanks and Terminals,

Gate terminal B.V, a joint venture of Vopak and Gasunie, has announced that BP and PetroChina International London Co. Ltd will each separately acquire 2 billion m3/yr of regasification and corresponding storage capacity.

BP and PetroChina International London underwrite Gate’s capacity expansion.

At the end of 2022 Gate terminal B.V. organised an open season to gauge market interest in new storage capacity of 180 000 m3 of LNG and a regasification capacity increase of 4 billion m3/yr. This will bring the total capacity of Gate to 720 000 m3 with a regasification capacity of 20 billion m3/yr. This expansion allows the company to better contribute to the supply and availability of gas in the Netherlands and its neighbouring countries.

BP and PetroChina International London Co. committed each to a capacity booking of 2 billion m3/yr for a period of 20 years. The parties will continue to closely cooperate with a target of achieving finical investment decision ‘FID’, depending on financing and receiving an exemption amongst other matters, by September 2023 and a start of commercial operations by the 3Q23.

Jonty Shepard, VP Global LNG Trading & Origination at BP, said: “As BP aims for an LNG portfolio of 30 million t by 2030, this award provides additional regasification capacity in a key location to support security of supply for our European customers.”

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