Australian mining magnate Andrew ‘Twiggy’ Forrest has announced he is speeding up plans for a floating gas import terminal at Port Kembla.

Squadron Energy, part of Mr Forrest’s Tattarang group, has sole ownership of Australian Industrial Energy (AIE) and has announced it had signed a 25-year lease with NSW Ports, with construction work on the wharf underway.

Squadron Energy chief executive Stuart Johnston said the project, which is worth $250 million, could deliver 75 percent of NSW gas needs by the end of 2022: “It’s actually a very elegant solution to bring much-needed new gas supply into the region fairly quickly. It doesn’t need hundreds and hundreds of onshore wells developed.”

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17th November 2020