South Korea’s Energy Projects and Infrastructure Korea (EPIK), an LNG project development company, announced the signing of a Strategic Partnership Agreement with Hyundai LNG Shipping Co., Ltd. The agreement lays out a framework for the two companies to work together in the development of FSRU projects around the globe, including, but not limited to, EPIK’s recently announced Newcastle LNG FSRU import project at the Port of Newcastle, Australia.
Partnering with Hyundai LNG Shipping marks a key strategic milestone for EPIK, contributing significant expertise and support to the advancement of our flagship Newcastle LNG project,
…said Jee Yoon, EPIK’s Founder and Managing Director.
Hyundai LNG Shipping, recognized as one of the largest LNG shipping companies in South Korea, currently operates the largest LNG fleet in the country with 8 LNG vessels and carries approximately 17% of all imported LNG to Korea.
In December 2018, EPIK publicly announced its Newcastle LNG project at the Port of Newcastle, one of Australia’s largest ports and a major trade and logistics hub. The project, critical to NSW’s future security and reliability of gas supply, would include a 170,000m3 class new-build FSRU and associated on-shore infrastructure, with a combined potential investment estimated to be between US$400M and US$430M.
In addition to the import terminal, EPIK is exploring the possibility of additional gas related infrastructure that would be of benefit to the NSW region, including potential gas-fired power and LNG bunkering facilities.
EPIK expects to place an order for the FSRU newbuild with a shipyard subject to receiving regulatory approvals for the project, which the company currently estimates to receive by early 2020.