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According to a joint statement, AG&P LNG will buy 100 percent of Venice Energy, with Florida-headquartered Nebula Energy, the majority owner of AG&P LNG, funding the acquisition.
The price tag of the deal has not been revealed.
In July, Venice Energy said it had identified the leading contender to underwrite its 2 mtpa Outer Harbor LNG import terminal worth about A$300 million ($199 million) following eight months of discussions with a wide range of companies.
“Venice Energy’s 8-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,” Venice Energy chairman Kym Winter-Dewhirst said.
He said this is a “milestone” for Venice Energy. Through the partnership with AG&P LNG, the company can provide a secure gas supply to both South Australia and Victoria by the first quarter of 2027, according to Winter-Dewhirst.
“AG&P LNG brings to us the financial muscle through Nebula Energy, majority owner of AG&P LNG and its unique end-to-end integrated wider portfolio LNG terminal development and operations capability,” he said.
Winter-Dewhirst added the Outer Harbor LNG import terminal is poised to be among the first terminals to come online and address the shortage of gas supply across southeast Australia.
In February, Venice Energy, signed a deal with AG&P LNG to secure a converted FSRU for its planned project.
The company said that Greece’s GasLog sold the vessel assigned to Venice Energy’s project to AG&P LNG.
Venice signed a heads of agreement with Greece’s GasLog in July 2021, under which the latter agreed to supply an FSRU for the project.
AG&P LNG will convert a 145,000-cbm LNG carrier to an FSRU with a peak sendout capacity of 400 mmscfd.
“We are excited to enter the Australian market with our decision to acquire Venice Energy,” Peter Gibson, chairman of AG&P LNG said.
He said 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.
“With our signature end-to-end LNG value chain solutions, from investment to LNG supply, terminal development and operations and maintenance, AG&P LNG will work with Venice Energy to bring the terminal online by the first quarter of 2027,” Gibson said.
In January, Nebula Energy purchased an 80 percent stake in AG&P LNG from Singapore-based AG&P.
AG&P LNG has a “substantial growth pipeline” with a total of six LNG terminals in development with proposed capacity of 25 mtpa across several international growth projects, it previously said.
The company launched the first LNG import and regasification terminal in the Philippines last year, the Philippines LNG (PHLNG) import terminal located in Batangas Bay.
In May 2023, AG&P LNG commissioned the first import terminal in the Philippines following the arrival of the 137,500-cbm FSU Ish at the terminal’s jetty in Batangas Bay.
AG&P LNG and its consortium members won a large-scale 20-year contract for LNG infrastructure development from a unit of Indonesia’s state power company PLN in March this year.
Moreover, AG&P LNG and its partner Hai Linh are working to launch their Cai Mep LNG import terminal in Vietnam.
In March this year, AG&P LNG purchased a 49 percent stake in the $500 million facility from Vietnam’s Hai Linh.
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The post Nebula’s AG&P LNG to buy Australia’s Venice Energy appeared first on Energy News Beat.
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