bp and PetroChina International London underwrite Gate’s capacity expansion
25 May 2023
Gate terminal B.V, a joint venture of Vopak and Gasunie, is pleased to announce that bp and PetroChina International London Co., Ltd will each separately acquire 2 BCM per year of regassification and corresponding storage capacity.
At the end of 2022 Gate terminal B.V. organized an open season to gauge market interest in new storage capacity of 180,000 cubic meters of LNG and a regassification capacity increase of 4 BCM per year. This will bring the total capacity of Gate to 720,000 cubic meters with a regasification capacity of 20 BCM per year. This expansion allows Gate to better contribute to the supply and availability of gas in the Netherlands and its neighbouring countries.
bp and PetroChina International London Co. committed each to a capacity booking of 2 BCM per year for a period of 20 years. The parties will continue to closely cooperate with a target of achieving FID, depending on financing and receiving an exemption amongst other matters, by September 2023 and a start of commercial operations by the third quarter of 2026.
bp is pleased to have signed a long-term agreement for 2 BCMA throughput capacity at Gate terminal, Netherlands, for a period of 20 years, beginning 1st October 2026, with Gate terminal, subject to FID due by September 2023.
bp continues to look for opportunities across the gas value chain, as it sees LNG as an essential part of the energy transition and its own pivot to becoming an integrated energy company.
“As bp aims for an LNG portfolio of 30 million tonnes by 2030, this award provides additional regasification capacity in a key location to support security of supply for our European customers”, says Jonty Shepard, VP Global LNG Trading & Origination at bp.”
PetroChina International London statement
PetroChina International London is pleased to announce this acquisition of import capacity which underwrites vital new LNG receiving infrastructure for the Netherlands.
PetroChina International is establishing and gradually expanding it’s global LNG portfolio. Through our long term commitments and investments we are bringing significant and reliable LNG supplies to the global market from our portfolio sources.
In the context of China’s ambition to achieve Carbon neutrality by 2060, PetroChina International London and our parent company welcome the responsible policies taken by the EU to support the Energy Transition. We are pleased to enhance cooperation with European partners in green energy supply in the future.
“We received a good market response to our inquiry to increase the capacity of this crucial asset for the security of supply of gas in Europe. bp and PetroChina International London Co. are world class LNG portfolio players and a great addition to the existing portfolio of customers. This will further enhance the security of supply to the European energy market by adding new supply sources.”, says Jarmo Stoopman, Managing Director at Gate terminal.