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Fluxys, Novatek cancel mid-scale LNG project in Germany due to market conditions

Highlights

300,000 mt/year terminal offered bunkering option

Companies' joint venture was announced in 2018

Belgium's Fluxys and Russia's Novatek have canceled plans to build a mid-scale LNG transshipment terminal in Germany, citing current market conditions, Fluxys said Oct. 7.

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The natural gas transmission system operator and Novatek, Russia's largest independent natural gas producer, had announced their plans for Rostock LNG in 2018, after signing a land lease agreement with the Rostock port. The terminal was to have a capacity of approximately 300,000 mt/year. The plan called for the terminal to receive LNG carriers from Novatek's Cryogas-Vysotsk liquefaction facility at the port of Vysotsk near St. Petersburg. The LNG terminal would have had an option of bunkering and loading of bunkering vessels.

"Fluxys and Novatek have regretfully decided to discontinue their joint project to build and operate a mid-scale LNG terminal in the port of Rostock," Laurent Remy, a Fluxys spokesperson, said in an e-mail Oct. 7 responding to questions. "Despite constructive support from all project stakeholders, current market conditions proved to be too challenging to pursue the project."

Remy added, "Nevertheless, Fluxys remains committed, by means of its infrastructure, to help achieve climate neutrality through the promotion of (bio) LNG utilization in the maritime and road transport sector. In that respect, various small-scale LNG services are already available to the market at its LNG terminals of Zeebrugge and Dunkirk."

The terminal would have allowed customers to use LNG as an alternative to heavy fuel oil, diesel and LPG in North and Central Europe and the Baltic region. It would also have supplied LNG as bunker fuel for ships in the Baltic Sea. Novatek, which expects to significantly increase its LNG output in the coming years, plans to build a network of LNG fueling stations in Europe to provide heavy-duty transport with clean fuel at key transport connecting points between Germany and Poland.