Essent, Vopak Cancel Eemshaven LNG Terminal Project

Essent NV, Nederlandse Gasunie NV and Royal Vopak NV have decided not to go ahead with the construction of a liquefied natural gas terminal in Eemshaven, northern Netherlands.

“The feasibility study showed that there is not enough basis to come to a positive investment decision, looking at the terminal and the pipelines in Europe that are being built,” Bert Hendriks, a spokesman of Arnhem, Netherlands-based Essent said in a telephone interview today.

Rotterdam-based Vopak and Groningen, Netherlands-based Gasunie joined the Eemshaven LNG project in 2007, each buying 25 percent, while Essent holds the rest. The terminal, located 215 kilometers (133 miles) northeast of Amsterdam, was scheduled to become operational in 2015. In 2007, Essent acquired all of the shares in the project from ConocoPhillips, which held 50 percent of all the shares, according to Vopak’s website.

Vopak and Gasunie are building the Gate terminal in Rotterdam, the first LNG terminal in the Netherlands with an initial capacity of 12 billion cubic meters a year. The plant is planned to start in the second half of 2011 and will consist of a jetty and three storage tanks, each able to hold 180,000 cubic meters of the gas chilled to a liquid. The terminal’s annual capacity may be increased to 16 billion cubic meters.

To contact the reporter on this story: Fred Pals at fpals@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.