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PetroChina International London and bp to acquire capacity at Gate terminal B.V.

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LNG Industry,

Gate terminal B.V, a joint venture between Vopak and Gasunie, has announced that bp and PetroChina International London Co., Ltd will each separately acquire 2 billion m3/y of regasification and corresponding storage capacity.

At the end of 2022, Gate terminal B.V. organised an open season to gauge market interest in new storage capacity of 180 000 m3 of LNG and a regasification capacity increase of 4 billion m3/y. This will bring the total capacity of Gate to 720 000 m3 with a regasification capacity of 20 billion m3/y. This expansion allows Gate to better contribute to the supply and availability of gas in the Netherlands and its neighbouring countries.

bp and PetroChina International London Co. committed each to a capacity booking of 2 billion m3/y for a period of 20 years. The parties will continue to closely co-operate with a target of achieving FID, depending on financing and receiving an exemption amongst other matters, by September 2023 and a start of commercial operations by 3Q26.

bp statement

bp is pleased to have signed a long-term agreement for 2 billion m3/y throughput capacity at Gate terminal, the Netherlands, for a period of 20 years, beginning 1 October 2026, with Gate terminal, subject to FID due by September 2023.

bp continues to look for opportunities across the gas value chain, as it sees LNG as an essential part of the energy transition and its own pivot to becoming an integrated energy company.

“As bp aims for an LNG portfolio of 30 million tonnes by 2030, this award provides additional regasification capacity in a key location to support security of supply for our European customers,” said Jonty Shepard, VP Global LNG Trading & Origination at bp.

PetroChina International London statement

PetroChina International London is pleased to announce this acquisition of import capacity which underwrites vital new LNG receiving infrastructure for the Netherlands.

PetroChina International is establishing and gradually expanding its global LNG portfolio. Through its long-term commitments and investments, the company is bringing significant and reliable LNG supplies to the global market from our portfolio sources.

In the context of China’s ambition to achieve carbon neutrality by 2060, PetroChina International London and its parent company welcome the responsible policies taken by the EU to support the Energy Transition. The company is pleased to enhance co-operation with European partners in green energy supply in the future.

Gate statement

“We received a good market response to our inquiry to increase the capacity of this crucial asset for the security of supply of gas in Europe. bp and PetroChina International London Co. are world class LNG portfolio players and a great addition to the existing portfolio of customers. This will further enhance the security of supply to the European energy market by adding new supply sources,” added Jarmo Stoopman, Managing Director at Gate terminal.

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