Vopak to acquire 50% interest in LNG import terminal in Europe

Gasunie and Vopak entered into a principle agreement whereby Vopak will acquire 50% of the shares in EemsEnergyTerminal B.V. The transaction will be subject to a number of conditions, including the approval from the competition authorities. The transaction is targeted to be completed latest by October 1, 2023. 

The EemsEnergyTerminal is an LNG import terminal located in Eemshaven in the Netherlands. Gasunie developed this new floating LNG terminal in the Eemshaven area in response to gas supply insecurities and a desire to reduce the dependency on Russian gas. The LNG terminal has been operational since September 15, 2022 and has a regas capacity of eight billion cubic meters per year. The partners will explore to increase the capacity further. 

This agreement highlights the commitment of Gasunie and Vopak to jointly develop and operate open access LNG infrastructure in the Netherlands and contribute to the energy security of Europe. The partners are planning the further development of the Eemshaven site to facilitate the import of green hydrogen. 

Vopak also announced that it will no longer pursue the acquisition of 49.99% of the vessel owning company of MOL that owns a floating storage and regasification unit (FSRU). Vopak has been working with MOL for developing and commissioning the Hong Kong FSRU LNG terminal. Although the commercial start is expected later this year, the delay of the project has resulted in reduced attractiveness, said Vopak. The company said it will however remain involved in the commissioning of the terminal and will continue to provide support to the operation of the terminal as required.