EPIK and Hyundai LNG Shipping have established an agreement to jointly develop floating storage and regasification units (FSRU), including the upcoming Newcastle LNG import terminal.
EPIK announced in December 2018 its intention to construct a 170,000 m3 class new-build FSRU and associated onshore infrastructure at the Port of Newcastle in New South Wales, with the cost anticipated at up to $585 million.
Now the company has signed a strategic partnership agreement with Hyundai that outlines the framework for the two companies to work together on this, and other, LNG projects.
Hyundai currently operates the largest LNG fleet in Korea with eight LNG vessels and carries approximately 17 per cent of all imported LNG to Korea.
Hyundai LNG Shipping President and CEO KyuBong Lee said the Newcastle project had significant potential.
“EPIK has identified a significant opportunity for the NSW market with the Newcastle LNG project,” he said.
“We are thrilled to be partnering with EPIK at this critical stage of the company’s growth and look forward to building a strong and lasting relationship that will benefit all parties involved.”
In addition to the import terminal, EPIK said it was also exploring the feasibility of other gas-related infrastructure in NSW, including gas-fired power and LNG bunkering facilities.
EPIK is awaiting regulatory approvals, which it expects to receive in 2020, before moving forward with the project.
For more information visit the EPIK website.
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