Nebula Energy-controlled AG&P LNG is to buy Venice Energy, which has been trying to develop a floating storage and regasification unit-based import terminal in Port Adelaide, Australia.
AG&P LNG said it will build the Outer Harbor LNG import terminal by converting a 145,000-cbm LNG carrier into an FSRU with a peak send-out capacity of 400m standard cubic feet per day.
Parent company, Florida-headquartered Nebula, is to fund the acquisition of Venice. No price was given for the purchase.
AG&P LNG is to provide the LNG supply, terminal development, operations and maintenance.
The company said the project is expected to be commissioned by the first quarter of 2027.
Venice Energy has been on the hunt for a new investor for some time. In August, the company said it was in talks with two parties.
The project had received all its approvals but had been derailed by issues including a change of FSRU provider, with AG&P LNG replacing GasLog as the supplier of the unit.
AG&P LNG has been on an expansion drive since Nebula Energy bought a controlling stake in the company in January.
The company has bought into the soon-to-start-up Cai Mep LNG Terminal in Vietnam, won a job in Indonesia to provide LNG infrastructure to support seven power plants and has a stated ambition to grow with six new LNG terminal facilities over the next two years.
AG&P chairman Peter Gibson said: “We are excited to enter the Australian market.
“Venice Energy has got the Outer Harbor LNG import terminal project shovel-ready with all key permits in place, offering a key advantage over other LNG import terminal proposals in the region.
“Together, we will develop this very timely and pivotal project to bridge the accelerating decline in gas supplies and help reinforce energy security for South Australia and Victoria.”
His counterpart at Venice Energy, Kym Winter-Dewhirst, said: “Venice Energy’s eight-month search for a strategic partner ended with our choice to go with AG&P LNG over and above other major international energy infrastructure companies.
“This is a milestone for Venice Energy and through our partnership with AG&P LNG we can provide a secure gas supply to both South Australia and Victoria by Q1 2027.”
