News Post
Geelong refinery moves towards LNG import planning.
Viva Energy of Australia recently announced that it is progressing its plans for the development of an LNG regasification terminal at the site of its long-running Geelong refinery in Victoria. The existing Geelong refinery has been a closure candidate due to pandemic driven demand declines.
As the long running production at the Geelong refinery has seen considerable losses, Viva has been planning this LNG terminal project, with a long term plan to eventually develop an energy hub as the company ponders the incoming energy transition process. Earlier this year, Viva began an Expressions of Interest process to attract partner proposals, which has led to Memorandums of Understanding (MOU) with partners for this project.
The MOU will include two consortiums, with the first one including Engie and Mitsui & Co., Ltd and the second to be comprised of Vitol and VTTI. These new partners will cooperate with Viva in the design and development of this LNG terminal. Any offtake agreements or capacity ownership are not part of this MOU and would be part of the FID discussion instead.
Viva is hoping to fast track this terminal towards an FID in 2022 with a 2024 startup as a means of meeting an anticipated gas supply in the Victorian market around that time.
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