AGL to reach Crib Point LNG final decision in FY2019

Australia’s AGL Energy is eyeing a final investment decision for its and the country’s first LNG import terminal in the financial year 2019. 

The company declared Crib Point in Victoria as the preferred site for the terminal, saying it is best placed to serve Victoria, Australia’s largest gas market, as well as take advantage of the existing pipeline network, industrial port facility and associated infrastructure.

Speaking to Reuters, Phaedra Deckart, general manager of AGL’s energy supply and origination team, said the project is progressing towards a financial decision in the financial year 2019.

It is envisioned as an FSRU-based terminal capable of handling about 2.6 million tons of LNG once it enters operation in 2020 or 2021. The project cost is set at A$250 million ($189 million).

Deckart said the company has shortlisted LNG suppliers as well as FSRU providers and is currently on the project components.

She added that the project aims to boost competition in southern Australia’s gas market putting pressure on domestic supply prices.

AGL could also have the option of importing cargoes on a short notice to cover any unplanned outages or any other supply security issues, concluded Deckart.

LNG World News Staff