Vopak lands FSRU deal for Seapeak's Australian LNG import terminal proposal

Vopak has entered into an exclusive agreement with Seapeak to provide the floating storage and regasification unit (FSRU) for its proposed Port Phillip Bay LNG import terminal. 
The companies called the deal a "critical step" that "places Vopak’s Victoria Energy Terminal (VVET) in a strong position to provide energy certainty for Victoria from 2029". 
“Securing a vessel for conversion to a FSRU is fundamental for the development of the VVET project. With the path to deliver an FSRU secured, thanks to our partner Seapeak, VVET is well positioned to deliver gas supply to Victoria that will address the projected supply shortfalls in 2029,” Vopak Australia Managing Director Paul Kanters said. 
The Seapeak agreement follows VVET’s recent completion of Full Mission Bridge simulations conducted with Ports Victoria and Port Phillip Sea Pilots, among others. 
"The simulations confirmed the advantages of Vopak’s proposed Port Phillip Bay site for its terminal, demonstrating ease of navigation without a need for new bay dredging or compromised gas loading of LNG carriers," Vopak said.
The Vopak Victoria Energy Terminal import terminal will use an FSRU moored at a simple fixed marine berth within an existing anchorage point in Port Phillip, 19km east of Australia’s Avalon coast. The Australian state of Victoria’s gas transmission system is accessible within approximately 28km of the FSRU via a subsea pipeline and land-based pipeline route predominantly over farmland managed by Melbourne Water. 
Vopak said it can now move on to the next step in the VVET proposal,  simulating berthing and unberthing operations at the terminal. 
Vopak said it is working with the Australian Government on an 18-month timeline for completion outlined in the Australian Premier’s 2024 Economic Statement. About the Vopak Victorian Energy Terminal.