September 6, 2018 / 1:16 PM / 15 days ago

RWE secures substantial capacity of planned German LNG terminal

FRANKFURT (Reuters) - German utility RWE (RWEG.DE) on Thursday said it had secured access to substantial annual capacity of a planned German terminal to import liquefied natural gas (LNG).

The agreement with German LNG Terminal, a joint venture of gas network operator Gasunie , tank storage provider Oiltanking and oil and chemical storage company Vopak (VOPA.AS), underscores RWE’s commitment to the fuel.

“LNG will play an important role in the North-West European gas market and therefore we are very pleased to take this step forward towards an LNG terminal in Germany,” RWE executive Andree Stracke said in a statement.

“LNG remains a key growth area for RWE.”

German LNG Terminal is planning a final investment decision on the terminal in Brunsbuettel, northern Germany - which would have an annual capacity of 5 billion cubic metres - at the end of next year. It said talks with other interested parties were ongoing.

If approved, construction could start in 2020, and the terminal could be fully operational by the end of 2022.

On Wednesday, Qatar Petroleum , the world’s top supplier of LNG, said it was in talks with RWE and rival Uniper (UN01.DE) about cooperating on a potential local LNG terminal.

Reporting by Christoph Steitz; editing by Thomas Seythal and David Evans

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