OMV Aktiengesellschaft has acquired a 5% stake in a projected liquefied natural gas (LNG) terminal in Rotterdam.
OMV Gas International GmbH, a wholly owned subsidiary of OMV, has signed a corresponding agreement. OMV, DONG Energy (Denmark) and Essent (Netherlands) will each acquire a 5% stake in the Gate terminal, which is a consortium of N.V. Nederlandse Gasunie (Gasunie) and Koninklijke Vopak N.V. (Vopak). The partners announced that the final investment decision has been taken to construct the LNG import terminal in Rotterdam. The terminal is expected to be fully operating in the second half of 2011. The consortium estimates that the total project costs of the LNG terminal will amount to approx. EUR 800 million.
The first company to have signed long-term throughput agreements with Gate terminal are Austrian EconGas (an OMV subsidiary for Gas Marketing and Trading), Danish DONG, and Dutch Essent. EconGas singed a contract for annually 3 bcm. For EconGas this is a strategic step in the LNG business and will improve its supply portfolio.
N.V. Nederlandse Gasunie (Gasunie) and Koninklijke Vopak N.V. (Vopak) plan to build the Gate terminal in Rotterdam. It will be an independent, multi-user business model. It will be located at the entrance of the Port of Rotterdam, with good connections to the European natural gas market, and close to continent's leading gas trading points.
During the first development phase throughput capacity will be 9 bcm per year. Operation is envisaged to start in the second half of 2011. The capacity will ultimately be expanded to 16 bcm. When the final expansion phase has been completed the terminal will be capable of handling 180 LNG tankers per year.
Ulco Vermeulen, Managing Director of Gate terminal: "We are excited that we have succeeded in realizing the first LNG terminal in the Netherlands together with our customers. I am confident Gate terminal will attract additional interest as a delivery point, which will enable us to expand the terminal."
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