A gas import terminal project in New South Wales (NSW), which was projected to meet up to 80 percent of the state’s gas demand, has been scrapped amid forecasts of shortages in Australia’s east coast gas market in 2023.
According to a recent gas inquiry report (pdf) by the Australian Competition and Consumer Commission (ACCC), Energy Projects and Infrastructure Korea (EPIK) stopped all development activities on the $589 million (US$416 million) project in September 2022, citing economic unfeasibility.
The Korean company said the project’s profitability was subject to downward pressure from the “volatility of the international Liquefied natural gas (LNG) market and high LNG benchmark pricing.”…