Viva Energy Group Limited (the Company) announces that it has entered into commercial agreements with GeelongPort for the construction and provision of necessary pier and berthing infrastructure, for the proposed Viva Energy Gas Terminal in the Port of Geelong (the Project).
Viva Energy proposes this facility will provide a flexible and reliable supply of gas to meet Victoria and South East Australia’s ongoing energy needs within the backdrop of rapidly declining local gas production and forecast shortages expected to impact consumers over the next few years.
Gas is an important part of the energy mix for over 2 million households and 65,000 businesses in Victoria, and Viva Energy’s Gas Terminal will ensure those needs continue to be met as the market transitions to rely on more sustainable forms of energy.
The agreement involves the construction of an extension to the existing Refinery Pier to provide an additional berth for a permanently moored Floating Storage and Regasification Unit (FSRU) which will be capable of receiving Liquefied Natural Gas (LNG) imports from visiting vessels.
GeelongPort will construct the extension to the existing Refinery Pier and license the pier to Viva Energy.
Viva Energy will construct the related infrastructure including a gas pipeline and treatment facility to enable gas to be supplied into the network.
This agreement reflects an important step in approval and development of the Viva Energy Gas Terminal, and provides a clear pathway to the construction and delivery of the necessary infrastructure underpinning the project. The commencement of construction remains subject to the satisfaction of certain conditions, including the Company taking a Final Investment Decision with respect to the Project and the Minister for Planning's assessment of the environmental effects of the Project under the Environment Effects Act 1978 (Vic) that the Project will have acceptable environmental outcomes enabling it to proceed.
Viva Energy CEO Scott Wyatt welcomed the signing of the agreement as being an important milestone in the development of the Project. Mr Wyatt said, “Viva Energy has an almost 70-year history of operations in Geelong, is the largest shipper within the Port of Geelong accounting for over 50% of total port volumes, and is an important and longstanding customer of GeelongPort. We look forward to continuing this relationship, and working with the Port to complete this important new piece of Victoria’s energy infrastructure.”
Authorised for release by: the Disclosure Committee of Viva Energy Group Limited