SYDNEY, Australia (6 November 2019) – EPIK Co. Ltd. (EPIK), a liquefied natural gas (LNG) project development company, announced today that it has appointed Australia and New Zealand Banking Group Limited (ANZ) to serve as financial adviser for its Newcastle GasDock LNG import terminal.
ANZ will provide debt and equity advisory services for EPIK’s flagship FSRU project at the Port of Newcastle in New South Wales (NSW) in the lead up to a Final Investment Decision (FID), anticipated in mid-2020. “We are pleased to be partnering with EPIK as financial adviser in the development of this critical infrastructure project, which is uniquely positioned to provide competitive gas supply to the region,” said Ian Wainwright, ANZ Executive Director. In August, the Government of New South Wales declared EPIK’s Newcastle GasDock LNG import terminal project as Critical State Significant Infrastructure (CSSI), recognizing the project for its vital role in providing long-term energy and gas security to the region. “ANZ adds tremendous financial and advisory expertise to the Newcastle GasDock project as we continue to make significant commercial and regulatory progress,” said Jee Yoon, EPIK’s Managing Director. “We have confidence that with ANZ’s assistance we will be able to secure optimal capital resources for the project, allowing us to provide the most competitive supply to the region.” NSW currently relies on interstate imports for approximately 95% of its gas supply and recent changes in the domestic market have resulted in significant market volatility and price increases, negatively impacting industry and households across the State. As proposed, the Newcastle GasDock terminal will be capable of supplying more than 80% of NSW’s current gas demand, with the potential to increase throughput as demand requires. In addition to EPIK’s recent engagement with ANZ, the Newcastle GasDock project is supported by leading advisers and consultants, including environmental and planning support from Arup, engineering, design and construction services from Australian EPC firm, Watpac, as well as legal and regulatory counsel from K&L Gates, among others. ### About EPIK Co. Ltd. EPIK is an LNG project development company focused on originating and developing FSRU project opportunities across the globe, including its flagship Newcastle GasDock LNG terminal project at the Port of Newcastle, NSW. With LNG increasingly becoming the fuel of choice in today’s environmentally conscious market, global LNG trade is at an all-time high, and with continued positive market growth projections spanning well into the 2030s, EPIK specializes in the origination and development of floating LNG regasification projects in regions with high natural gas demand. EPIK’s Newcastle GasDock project, critical to NSW’s future security and reliability of gas supply, is being developed by wholly-owned EPIK subsidiary Newcastle GasDock Company Pty. Ltd. and is proposed to include a 170,000m3 class FSRU and associated on-shore infrastructure. For more, visit www.epiklng.com Contact James Markham-Hill, Executive Director, Corporate Strategy US: +1-281-837-9982 media@epiklng.com
Download a copy or view the official Ministerial media release online at at the NSW Planning website at https://www.planning.nsw.gov.au/News/2019/Newcastle-gas-terminal-given-critical-status
SYDNEY, Australia (14 August 2019) – EPIK Co. Ltd. (EPIK), a liquefied natural gas (LNG) project development company, announced today that the Government of New South Wales (NSW) has declared EPIK’s Newcastle GasDock LNG import terminal project as Critical State Significant Infrastructure (CSSI), recognizing the project for its crucial role in the long-term economic future of the region and representing a major milestone for the project. The Newcastle GasDock project, to be located at the Port of Newcastle – an industrial hub home to major gas and power users – is ideally suited to provide competitive gas supply to users in the Hunter Valley as well as the broader NSW region, fueling economic growth while driving prices down for all. “We are thrilled by the NSW Government’s decision to award CSSI status to the Newcastle GasDock project,” said Jee Yoon, EPIK’s Founder and Managing Director. “EPIK’s primary objective is to deliver the most competitive infrastructure solution for natural gas imports into NSW. With CSSI status in hand, we are a considerable step closer to delivering the critical infrastructure needed to bring new energy to NSW, providing access to long-term, competitive gas supply to the region, safely powering our homes, driving industry forward and keeping prices low for everyone to enjoy.” The Newcastle GasDock terminal will be capable of supplying more than 80% of NSW’s current gas demand, with the potential to increase throughput as demand requires. Existing domestic gas supply and pipeline constraints compound the need for the Newcastle GasDock terminal in NSW, which currently imports approximately 95% of its current gas consumption at considerable expense from other States. Port of Newcastle CEO Craig Carmody said, “We welcome the NSW Government’s support for this important project, which will provide reliable and competitive energy for the Hunter as the region diversifies its economy. Port of Newcastle has been a global trade gateway for more than 220 years and is proud to be diversifying its role as Australia’s leading energy port. Newcastle has much to offer, including a deepwater shipping channel operating at 50% of its capacity, significant port land available and enviable access to national infrastructure such as rail and road. It is pleasing to see EPIK poised to take advantage of the benefits of locating its critical State significant infrastructure project at Port of Newcastle.” CSSI designation is awarded to projects that are deemed to be essential to the State for economic, environmental and social reasons, and sets out a clear pathway to planning approvals, providing greater timeline certainty. Subject to receiving all regulatory and planning approvals, the project is anticipated to begin operations in the first half of 2021 and represents a potential direct investment of approximately AUD$250M in NSW in addition to the value of the FSRU to be utilized by the project. Natural gas remains a crucial baseload provider of electricity in the energy mix; especially as NSW transitions away from coal to a lower-carbon economy. As recently as March 2019, the Australian Energy Market Operator (AEMO) in its Gas Statement of Opportunities reaffirmed its position that without greater diversification, insufficient gas supply would pose a significant challenge to the region. “We look forward to continuing discussions with major gas and power users throughout the State as they seek long-term, competitive solutions to their gas supply and power needs,” said EPIK Executive Director, James Markham-Hill. “We greatly appreciate the support of the NSW Government as we work together, in consultation with the local community, relevant stakeholders, as well as industrial and commercial users, to bring the project to fruition.” In July, EPIK announced that it had engaged industry-leading energy consulting experts, Wood Mackenzie, to conduct a comprehensive analysis of the southeast Australian gas market in parallel with EPIK’s commercial efforts seeking terminal capacity subscribers. EPIK will make a summary of the Wood Mackenzie market analysis available to qualified 3rd parties that sign a non-disclosure agreement and submit an expression of interest in taking capacity at the proposed Newcastle GasDock terminal. More information can be found on its website at epiklng.com. ### About EPIK Co. Ltd. EPIK is an LNG project development company focused on originating and developing FSRU project opportunities across the globe, including its flagship Newcastle GasDock LNG terminal project at the Port of Newcastle, NSW. With LNG increasingly becoming the fuel of choice in today’s environmentally conscious market, global LNG trade is at an all-time high, and with continued positive market growth projections spanning well into the 2030s, EPIK specializes in the origination and development of floating LNG regasification projects in regions with high natural gas demand. EPIK’s Newcastle GasDock project, critical to NSW’s future security and reliability of gas supply, is being developed by wholly-owned EPIK subsidiary Newcastle GasDock Company Pty. Ltd. and is proposed to include a 170,000m3 class FSRU and associated on-shore infrastructure. For more, visit www.epiklng.com Contact James Markham-Hill, Executive Director, Corporate Strategy US: +1-281-837-9982 media@epiklng.com
SEOUL, South Korea (24 July 2019) – EPIK Co. Ltd. (EPIK), developer of the Newcastle GasDock LNG terminal in New South Wales, Australia, announced today that it has engaged industry-leading energy consulting experts, Wood Mackenzie, to conduct a comprehensive analysis of the southeast Australian gas market in parallel with EPIK’s commercial efforts seeking terminal capacity subscribers. EPIK will make a summary of the Wood Mackenzie market analysis available to qualified 3rd parties that sign a non-disclosure agreement and submit an expression of interest in taking capacity at the proposed Newcastle GasDock terminal.
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- Watpac will provide design, engineering, and EPC services on an exclusive basis for Newcastle LNG
- Mott MacDonald selected as infrastructure engineering consultant to Watpac
- Agreement provides mechanism to ensure rigorous cost control throughout and competitive EPC lump-sum pricing
- Watpac and Mott MacDonald join growing lineup of experienced industry professionals supporting the Newcastle LNG development, including strategic partner Hyundai LNG Shipping; environmental and planning support provided by Arup; and legal and regulatory counsel from K&L Gates, among others
SYDNEY, Australia (3 April 2019) – EPIK Co. Ltd. (EPIK), a liquefied natural gas (LNG) project development company, announced today that it has executed an agreement with leading Australian construction company Watpac for the exclusive provision of design, engineering and construction services for the onshore infrastructure components of EPIK’s Newcastle LNG FSRU import terminal at the of Port of Newcastle, Australia. An undisclosed target EPC price has been included in the agreement with mechanisms to ensure project competitiveness. Further, it was announced that Newcastle GasDock Company Pty. Ltd., a wholly-owned subsidiary of EPIK, has been established in Australia to carry out the project.
Watpac will be supported by Mott MacDonald, an international marine and engineering infrastructure consultant with significant experience in the design and engineering of multiple FSRU projects around the world.
Jee Yoon, EPIK’s Founder and Managing Director, said, “this is a significant step forward for the Newcastle LNG project. Partnering with Watpac and Mott MacDonald for the exclusive provision of design, engineering and EPC services for Newcastle LNG enables EPIK to secure uncompromising engineering expertise at a competitive price point, facilitating and preserving our aggressive project development schedule.”
Watpac, a wholly-owned subsidiary of BESIX, has operations across the country, successfully delivering challenging construction and marine and civil projects. In September 2018, BESIX completed the design and construction of the Bahrain LNG import terminal located offshore Muharraq Island, which is anticipated to commence commercial operations in May of this year.
“As an Australian company, we are thrilled to be partnering with EPIK to deliver the engineering and construction services for this critical project,” said Bram Gruwez, Watpac General Manager, Marine & Civil. “With our help, the Newcastle LNG import terminal will safely provide NSW with a long-term source of competitive gas supply, supporting existing and future industry and helping to grow the region’s economy” Gruwez continued.
Watpac and Mott MacDonald join a growing lineup of experienced industry professionals supporting the Newcastle LNG development. In February 2019, it was announced that EPIK and Hyundai LNG Shipping had formed a strategic partnership to collaborate on FSRU projects around the world. In addition, EPIK is engaged with leading advisors and consultants, including environmental and planning support from Arup, and legal and regulatory counsel from K&L Gates, among others.
EPIK expects to place an order for the FSRU new-build with a shipyard subject to Newcastle Gasdock Company receiving all regulatory approvals for the project, which the company currently estimates to receive by early 2020.
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About EPIK Co. Ltd.
EPIK is an LNG project development company focused on originating and developing FSRU project opportunities across the globe, including its flagship Newcastle LNG project at the Port of Newcastle, NSW. With LNG increasingly becoming the fuel of choice in today’s environmentally conscious market, global LNG trade is at an all-time high, and with continued positive market growth projections spanning well into the 2030s, EPIK specializes in the origination and development of floating LNG regasification projects in regions with high natural gas demand. EPIK’s Newcastle LNG project, critical to NSW’s future security and reliability of gas supply, is being developed by wholly-owned EPIK subsidiary Newcastle GasDock Company Pty. Ltd. and would include a 170,000m3 class new-build FSRU and associated on-shore infrastructure. For more, visit www.epiklng.com
Contact
James Markham-Hill, PR & Communications Director
US: +1-713-876-3500
media@epiklng.com
| 25 February 2019 - Press Release |
SEOUL, South Korea (25 February 2019) – EPIK Co. Ltd. (EPIK), a liquefied natural gas (LNG) project development company, announced today that it has signed a Strategic Partnership Agreement with Hyundai LNG Shipping Co., Ltd. The agreement lays out a framework for the two companies to work together in the development of FSRU projects around the globe, including, but not limited to, EPIK’s recently announced Newcastle LNG FSRU import project at the Port of Newcastle, Australia.
Jee Yoon, EPIK’s Founder and Managing Director, said, “partnering with Hyundai LNG Shipping marks a key strategic milestone for EPIK, contributing significant expertise and support to the advancement of our flagship Newcastle LNG project.”
Hyundai LNG Shipping, recognized as one of the largest LNG shipping companies in South Korea, brings extensive experience in owning, chartering and operating large scale LNG carriers with over 20 years in LNG transportation. The company currently operates the largest LNG fleet in Korea with 8 LNG vessels and carries approximately 17% of all imported LNG to Korea.
“EPIK has identified a significant opportunity for the NSW market with the Newcastle LNG project,” said KyuBong Lee, Hyundai LNG Shipping President and CEO. “We are thrilled to be partnering with EPIK at this critical stage of the company’s growth and look forward to building a strong and lasting relationship that will benefit all parties involved,” Lee continued.
In December 2018, EPIK publicly announced its Newcastle LNG project at the Port of Newcastle, one of Australia’s largest ports and a major trade and logistics hub. The project, critical to NSW’s future security and reliability of gas supply, would include a 170,000m3 class new-build FSRU and associated on-shore infrastructure, with a combined potential investment estimated to be between US$400M and US$430M.
In addition to the import terminal, EPIK is exploring the possibility of additional gas related infrastructure that would be of benefit to the NSW region, including potential gas-fired power and LNG bunkering facilities. EPIK expects to place an order for the FSRU new-build with a shipyard subject to receiving regulatory approvals for the project, which the company currently estimates to receive by early 2020.
###
About EPIK Co. Ltd.
EPIK, short for Energy Projects and Infrastructure Korea, is an LNG project development company focused on originating and developing FSRU project opportunities across the globe. With LNG increasingly becoming the fuel of choice in today’s environmentally conscious market, global LNG trade is at an all-time high, and with continued positive market growth projections spanning well into the 2030s, EPIK specializes in the origination and development of floating LNG regasification projects in regions with high natural gas demand. For more, visit www.epiklng.com
Contact
James Markham-Hill, PR & Communications Director
US: +1-713-876-3500
media@epiklng.com
Jee Yoon, EPIK’s Founder and Managing Director, said, “partnering with Hyundai LNG Shipping marks a key strategic milestone for EPIK, contributing significant expertise and support to the advancement of our flagship Newcastle LNG project.”
Hyundai LNG Shipping, recognized as one of the largest LNG shipping companies in South Korea, brings extensive experience in owning, chartering and operating large scale LNG carriers with over 20 years in LNG transportation. The company currently operates the largest LNG fleet in Korea with 8 LNG vessels and carries approximately 17% of all imported LNG to Korea.
“EPIK has identified a significant opportunity for the NSW market with the Newcastle LNG project,” said KyuBong Lee, Hyundai LNG Shipping President and CEO. “We are thrilled to be partnering with EPIK at this critical stage of the company’s growth and look forward to building a strong and lasting relationship that will benefit all parties involved,” Lee continued.
In December 2018, EPIK publicly announced its Newcastle LNG project at the Port of Newcastle, one of Australia’s largest ports and a major trade and logistics hub. The project, critical to NSW’s future security and reliability of gas supply, would include a 170,000m3 class new-build FSRU and associated on-shore infrastructure, with a combined potential investment estimated to be between US$400M and US$430M.
In addition to the import terminal, EPIK is exploring the possibility of additional gas related infrastructure that would be of benefit to the NSW region, including potential gas-fired power and LNG bunkering facilities. EPIK expects to place an order for the FSRU new-build with a shipyard subject to receiving regulatory approvals for the project, which the company currently estimates to receive by early 2020.
###
About EPIK Co. Ltd.
EPIK, short for Energy Projects and Infrastructure Korea, is an LNG project development company focused on originating and developing FSRU project opportunities across the globe. With LNG increasingly becoming the fuel of choice in today’s environmentally conscious market, global LNG trade is at an all-time high, and with continued positive market growth projections spanning well into the 2030s, EPIK specializes in the origination and development of floating LNG regasification projects in regions with high natural gas demand. For more, visit www.epiklng.com
Contact
James Markham-Hill, PR & Communications Director
US: +1-713-876-3500
media@epiklng.com
| Dec. 4, 2018 Press Release |
SEOUL, South Korea (4 December 2018) – EPIK Co. Ltd. (EPIK), a South Korea-based liquefied natural gas (LNG) floating storage and regasification unit (FSRU) project development company, announced today that it has entered into a Project Development Option Agreement with Port of Newcastle, Australia to commence preliminary works on a proposed LNG FSRU import terminal.
The project, named “Newcastle LNG,” will be sited within the Port of Newcastle, optimally located to serve the New South Wales gas market where natural gas prices remain higher than Asian LNG prices.
Jee Yoon, EPIK’s Founder and Managing Director, said, “Based on our assessment of the New South Wales gas market, particularly along coastal demand regions such as Newcastle and Sydney, we are confident that by importing LNG via a new, low cost FSRU terminal, we will be able to provide an infrastructure solution that is capable of delivering a cost-efficient source of alternative gas supplies to the region on a long-term basis.”
Situated at the back-end of the existing gas transmission network, Port of Newcastle is one of Australia’s largest ports and a major trade and logistics hub, together making it an optimal area to develop an LNG import terminal. Mr. Yoon continued, “We are very excited to be working with Port of Newcastle and hope to expand our relationship by discussing other potential projects, such as a gas-fired power plant and an LNG bunkering facility.”
Port of Newcastle’s Executive Manager Customer & Strategic Development, Ian Doherty, said the deepwater port was uniquely placed on Australia’s east coast due to its significant land and channel capacity, making it an attractive location for the Newcastle LNG project. “This type of development opportunity is consistent with our diversification plans and we’re pleased to be supporting EPIK as it conducts preliminary investigation work, especially given its potential benefits for the NSW economy,” Mr Doherty said.
The potential investment for the Newcastle LNG project is estimated to be between US$400M and US$430M, which will include a 170,000m3 class new-build FSRU and associated on-shore infrastructure. EPIK expects to place an order for the FSRU new-build with a shipyard subject to receiving regulatory approvals for the project.
###
About EPIK Co. Ltd.
EPIK, short for Energy Projects and Infrastructure Korea, is an LNG project development company focused on originating and developing FSRU project opportunities across the globe. With LNG increasingly becoming the fuel of choice in today’s environmentally conscious market, global LNG trade is at an all-time high, and with continued positive market growth projections spanning well into the 2030s, EPIK specializes in the origination and development of floating LNG regasification projects in regions with high natural gas demand. For more, visit www.epiklng.com
Contact
James Markham-Hill, PR & Communications Director
US: +1-713-876-3500
media@epiklng.com
The project, named “Newcastle LNG,” will be sited within the Port of Newcastle, optimally located to serve the New South Wales gas market where natural gas prices remain higher than Asian LNG prices.
Jee Yoon, EPIK’s Founder and Managing Director, said, “Based on our assessment of the New South Wales gas market, particularly along coastal demand regions such as Newcastle and Sydney, we are confident that by importing LNG via a new, low cost FSRU terminal, we will be able to provide an infrastructure solution that is capable of delivering a cost-efficient source of alternative gas supplies to the region on a long-term basis.”
Situated at the back-end of the existing gas transmission network, Port of Newcastle is one of Australia’s largest ports and a major trade and logistics hub, together making it an optimal area to develop an LNG import terminal. Mr. Yoon continued, “We are very excited to be working with Port of Newcastle and hope to expand our relationship by discussing other potential projects, such as a gas-fired power plant and an LNG bunkering facility.”
Port of Newcastle’s Executive Manager Customer & Strategic Development, Ian Doherty, said the deepwater port was uniquely placed on Australia’s east coast due to its significant land and channel capacity, making it an attractive location for the Newcastle LNG project. “This type of development opportunity is consistent with our diversification plans and we’re pleased to be supporting EPIK as it conducts preliminary investigation work, especially given its potential benefits for the NSW economy,” Mr Doherty said.
The potential investment for the Newcastle LNG project is estimated to be between US$400M and US$430M, which will include a 170,000m3 class new-build FSRU and associated on-shore infrastructure. EPIK expects to place an order for the FSRU new-build with a shipyard subject to receiving regulatory approvals for the project.
###
About EPIK Co. Ltd.
EPIK, short for Energy Projects and Infrastructure Korea, is an LNG project development company focused on originating and developing FSRU project opportunities across the globe. With LNG increasingly becoming the fuel of choice in today’s environmentally conscious market, global LNG trade is at an all-time high, and with continued positive market growth projections spanning well into the 2030s, EPIK specializes in the origination and development of floating LNG regasification projects in regions with high natural gas demand. For more, visit www.epiklng.com
Contact
James Markham-Hill, PR & Communications Director
US: +1-713-876-3500
media@epiklng.com