A South Korean company has joined the jostle to provide the country with gas import capability proposing a $500 million facility at the Port of Newcastle.
The Sydney Morning Herald reported EPIK Co. Ltd, a liquefied natural gas floating storage and regasification unit company has announced the commencement of preliminary works after securing an agreement with the port.
The project, named Newcastle LNG, will be situated at the back-end of the existing gas transmission network within the port.
According to EPIK the potential investment for the Newcastle project would be valued at between $US400 million ($A547 million) $US430 million.
Other terminals on the cards include AGL’s project at Crib Point in Victoria and billionaire Andrew Forrest’s pitch to build at Port Kembla in NSW.