The Japanese trading giant, a former backer of Andrew Forrest’s Port Kembla LNG import project, has now agreed to back a rival one in South Australia.
There is some doubt that South Australia’s Venice project can succeed given the greatest need for gas is in Victoria. But Mr Winter-Dewhirst said the venture could supply both states, through the coastal SEA Gas pipeline from Iona’s gas storage plant in western Victoria to Adelaide that would be converted to allow gas to run both east and west.
, as did giant Japanese LNG buyer JERA, which held a 19.9 per cent holding. At the time, AIE owner Squadron Energy, a private company of Dr Forrest, signalled the two partners’ exit would enable the venture to advance faster. “Our view has always been it has to stand on its own two feet economically and if it does so through all the twists and turns and the hurdles and it still makes financial sense, you know it is a fundamentally solid economic proposition,” he said.
Venice, which has yet to announce customers for the terminal, is aiming for financial close by the end of the year. Backed by a consortium of two Australian banks and one international one, it is considering options for financing including other partnerships and/or an IPO.
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