Port of Newcastle on 14 August welcomed the New South Wales’ Government support for a proposed liquefied natural gas (LNG) import terminal at the Port.
The Newcastle GasDock project – with an estimated direct onshore investment of up to AUD $250 million*at the Port – on Wednesday received Critical State Significant Infrastructure (CSSI) status from NSW Minister for Planning and Public Spaces, the Hon Rob Stokes MP.
The announcement made by Acting Premier John Barilaro and Rob Stokes recognised the need to significantly increase local gas supply, promote competition between suppliers and put downward pressure on the State’s gas prices.
Port of Newcastle CEO, Craig Carmody congratulated Rob Stokes and the Berejiklian Government on their support for regional economic development.
“This is a critical future-proofing project for the region. Projects such as the EPIK Newcastle GasDock project open a number of new trade opportunities, develop capability and support businesses and jobs across the Hunter Region and around New South Wales,” Craig said.
The project – proposed by South Korean group EPIK – involves the use of an LNG Floating Storage and Regasification Unit (FSRU), a vessel designed to safely store the liquefied product and then convert it into a useable gas for industrial, commercial and residential customers in NSW.
The 170,000 m3 class FSRU will connect to a new jetty planned to be built on port land at Kooragang Island, enabling a connection to the existing East Coast natural gas network.
“We are working on a number of projects to diversify the Port and support importers and exporters to successfully compete in international markets,” Craig said.
“This creates jobs and ensures more money is invested back into local communities.”
Craig congratulated EPIK on the significant milestone, as the company works towards a final investment decision early next year.
“Port of Newcastle has been a global trade gateway for more than 220 years and this project introduces new trade and economic growth opportunities for the region and NSW,” Craig said.
“Newcastle has much to offer, including a deep-water shipping channel operating at fifty per cent of its capacity, significant port land available and enviable access to national infrastructure such as rail and road.”
EPIK Founder and Managing Directo, Jee Yoon said the company was pleased with the project’s momentum.
“EPIK’s primary objective is to deliver the most competitive infrastructure solution for natural gas imports into NSW,” Jee said.
“With CSSI status in hand, we are a considerable step closer to delivering the critical infrastructure needed to bring new energy to NSW, providing access to long-term, competitive gas supply to the region, safely powering our homes, driving industry forward and keeping prices low for everyone to enjoy.”
Having been chosen for its strategic location proximate to significant industrial gas and power users, the Newcastle terminal will reach users throughout NSW and the broader Australian market at a competitive price point.
“Port of Newcastle’s support, along with that of the broader business and industrial sector, is greatly appreciated and of much value to the project development,” Jee concluded.
Further information about the project can be found on the EPIK website.
IMAGE | Port of Newcastle welcome NSW Government support for a liquefied natural gas (LNG) import terminal.
Port of Newcastle is a major Australian trade gateway handling 4,600 ship movements and 166 million tonnes of cargo each year. Its annual trade worth more than $29 billion to the New South Wales economy, enabling businesses across the state to successfully compete in international markets.
With a deepwater shipping channel operating at 50% of its capacity, significant port land available and enviable access to national rail and road infrastructure, Port of Newcastle is positioned to further underpin the prosperity of the Hunter, NSW and Australia.
As custodians of the region’s critical asset, Port of Newcastle is diversifying its trade as it strives to create a safe, sustainable and environmentally and socially responsible Port that realises its potential.