POWERGLOBE secures access into European natural gas markets

POWERGLOBE secures access into European LNG and natural gas markets, booking regasification capacity at the major LNG terminals across Europe, including Croatia, Italy, Greece, Spain, Portugal, Poland and Gate terminal in Netherlands. POWERGLOBE targets for 3.6bcm annual capacity by 2023. Recently, the company booked all of the remaining free capacities of Croatia’s future Krk liquefied natural gas (LNG) terminal for the next three gas years, under a 15-year deal with the terminal operator, LNG Croatia.

Krk Terminal

The LNG terminal is under construction on Croatia’s Adriatic island of Krk and is expected to have a capacity to transport 3.6 billion cubic metres (bcm) of natural gas per year starting 2021. PowerGlobe Qatar has booked capacities of 0.468 bcm in each of the next 5 gas years until the end of 2024/2025 gas year, capacities of 0.624 bcm in each of the following 5 gas seasons until the end of 2029/2030, and capacities of 0.936 bcm in each of the subsequent five years until the end of 2034/2035, LNG Croatia said in a statement.

Following capacity booking by PowerGlobe, the overall booked capacity at the future LNG terminal has reached 1.878 bcm for 2020/2021 gas year (1 January 2021 – 30 September 2021), some 2.540 bcm for each 2021/2022 and 2022/2023, some 2.000 bcm for each of 2023/2024 and 2024/2025, 2.157 bcm for each of 2025/2026 and 2026/2027, and 1.143 bcm for the following three gas years.

The LNG terminal project on the Krk island comprises the construction and operation of an LNG terminal featuring a floating storage and regasification unit and its connections to the national gas transmission network. The Krk LNG terminal will deliver gas to the Croatian national transmission network connected to EU member states Slovenia, Italy and Hungary, as well as non-EU members Serbia and Montenegro.

Sources: LNGmarket, QGN, Reuters, QANews, LNGindustry.