The last two months the chairman of Venice Energy secured a new deal that guarantees that the Outer Harbor project in port Adelaide will receive a converted FSRU at an ‘improved cost and in a timely manner’.

Back in mid-2022 Venice signed an FSRU supply agreement (time charter party agreement) with the Greek shipping company GasLog.

Last year, GasLog underwent a major restructure and in doing so made the decision to sell-off a number of vessels to others.

Since December last year, there has been a new development on the supply of the floating storage and regasification unit (FSRU) to the Outer Harbor Project.

AG&P LNG and GAS Entec emerged as a strategic partner to Venice project to provide the fully converted FSRU.

“We had some good discussions with them over last two months and we have secured a new commercial understanding that guarantees that the project will receive a converted FSRU at an improved cost and in a timely manner,” the chairman of Venice Energy said.

AG&P, a global player in LNG terminal development and more importantly, through GAS Entec, a South Korean firm and industry leader in FSRU conversions, has converted three LNG carriers into FSRUs, which is integral to the development of the Outer Harbor Project.

The FSRU for the Outer Harbour project shall be fully converted by GAS Entec in a South Korean shipyard.