Vopak has secured an exclusive agreement with Seapeak to provide the floating storage and regasification unit (FSRU) for its proposed Port Phillip Bay LNG import terminal, a move that positions its Victoria Energy Terminal (VVET) to deliver energy certainty for Victoria from 2029.
“Seapeak are proud to support the ongoing development of this landmark project,” said Kate Ferguson, VP of Business Development of Seapeak.
“This partnership reflects our commitment to advancing global energy access through safe, efficient, and flexible LNG solutions that help meet growing global demand.”
According to Vopak, the partnership marks a critical milestone in the development of the project, giving VVET a competitive edge compared to other LNG proposals.
“Securing a vessel for conversion to a FSRU is fundamental for the development of the VVET project,” said Paul Kanters, Managing Director of Vopak Australia.
“With the path to deliver an FSRU secured, thanks to our partner Seapeak, VVET is well positioned to deliver gas supply to Victoria that will address the projected supply shortfalls in 2029.”
The announcement follows VVET’s recent completion of Full Mission Bridge simulations with Ports Victoria and Port Phillip Sea Pilots, which confirmed that Vopak’s proposed site can be navigated safely without the need for new bay dredging or reductions in LNG carrier loading.
The next stage of studies will model berthing and unberthing operations for the terminal.
The terminal is planned for construction approximately 19km offshore from Avalon in Port Phillip Bay at an existing anchorage site.
Vopak said the location was chosen to minimise environmental impact, with no dredging required and a renewable power supply connection via a new transmission line to Moorabool Terminal Station.
The renewable energy link will support terminal operations while reducing carbon emissions.
VVET is also progressing its Environment Effects Statement (EES) process, working with the Victorian government to meet the 18‑month assessment timeline set out in the Premier’s 2024 Economic Statement.