According to Reuters latest report, Australia’s Viva Energy Group is hoping to start preliminary design work on an LNG import terminal at its Geelong refinery in Victoria by the end of 2020.
In a recent statement, Viva’s Chief Executive, Scott Wyatt, acknowledged that 2020 has been a challenging year for the refining business. Wyatt also warned that margins would remain “uncertain and challenging” throughout the rest of the year and into 2021, and added that Viva would continue to assess the short and long term viability of this segment of its business.
Viva reported a near 33% decline in 1H20 underlying net profit after tax on a replacement cost basis to A$34.3 million (US$24.6 million). This slump is the result of fuel demand taking a significant hit due to the coronavirus pandemic.
The addition of an LNG terminal to the Geelong refinery is being viewed as a way for Viva to diversify its earnings.
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/18082020/viva-energy-targets-end-of-2020-for-design-of-lng-terminal/