Green
German Gas Terminal Faces Headwinds as Major Investor Steps Back
- Storage firm Vopak wrote down its investment in the project
- LNG terminal could help Germany reduce reliance on Russian gas
This article is for subscribers only.
A proposed liquefied natural gas terminal in Germany is at the risk of never being built, with several headwinds having already prompted one of three backers to write down its investment.
The facility near Hamburg is facing hurdles including delays in obtaining environmental permits and an unusual requirement for a part of its imports to be sold in the spot market, said a person familiar with the matter. Vopak LNG Holding BV last month said it was stepping back from the project, a move that led to an exceptional loss of about 11 million euros ($12 million).