Squadron Energy has announced that it has become the 100% owner and operator of Australian Industrial Energy Pty Ltd (AIE) under a new partnership arrangement, which aims to accelerate the development of the Port Kembla Gas Terminal project.
Under the new arrangement, Squadron Energy has acquired the interests of previous project partners JERA and Marubeni.
Squadron Energy Chairman Michael Masterman said AIE is focussed on accelerating project development of the Port Kembla Gas Terminal.
“JERA and Marubeni have been excellent partners and have both indicated they remain open to future opportunities for targeted involvement in the AIE Port Kembla Gas Terminal project, including LNG procurement, and the development of an associated gas-fired power station,” Masterman said.
JERA and Marubeni will reportedly continue with their substantial investments in Australia and will continue to actively explore for further investment options.
Squadron Energy is committed to the expedited development of the gas import terminal with the objective of having the capacity to supply 70% of New South Wales (NSW)’s gas needs by late 2022.
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/20102020/aie-partners-with-squadron-energy-on-port-kembla-terminal-project/