Vopak has signed an exclusive agreement with shipping company Seapeak to provide a floating storage and regasification unit (FSRU) for its planned liquefied natural gas (LNG) import terminal in Australia, the Dutch tank storage firm announced recently.
The deal follows months of discussions with potential suppliers and offtakers as Vopak advances development of the Port Philip Bay terminal in Victoria—Australia’s largest gas-consuming state.
The Victorian energy terminal is one of four LNG import projects proposed across southeastern Australia to help address looming gas shortages projected as early as 2027. According to Vopak, this agreement positions the terminal to deliver greater energy security for Victoria by 2029.