VTTI Plans New 5 bcm Floating LNG Platform in Netherlands by 2024

Dutch energy company VTTI said on Monday it plans to build a new floating liquefied natural gas (LNG) terminal in the Netherlands with capacity to import 5 billion cubic meters of gas annually. 

On Friday the Dutch government said it was in talks with two different groups over new LNG terminals to increase Dutch import capacity by 5-8 billion cubic meters (bcm) annually as it seeks to ensure the country's energy security. 

Rotterdam-based VTTI said in a statement it was "striving" to have the installation operational by early 2024 and a company spokesperson said it was looking at two possible sites in the province of Zeeland.

"The Netherlands needs additional LNG import capacity in the short term to enhance energy supply security," CEO Guy Moeyens said in a statement.

"We are pleased to contribute."

VTTI is owned by Vitol Group, IFM Investors and Abu Dhabi National Oil Company, according to its website.

The Dutch government said on Friday that it could provide support for new LNG terminal projects.

"To realize these projects in the near future the government may need to support them by giving guarantees," Energy Minister Rob Jetten said in a letter to parliament.

Earlier on Monday, grid operator Gasunie said it was  looking at developing a floating LNG facility in the port of Terneuzen but did not specify the size. 

Spokespersons for Gasunie and VTTI confirmed their projects are separate.

The Dutch government earlier this year added an 8 bcm capacity floating LNG terminal in the northern port of Eemshaven.

It is now expanding that facility to 9-10 bcm.

And Rotterdam's Gate Terminal is expanding its LNG capacity to 20 bcm by 2026 from 16 bcm at present.

(Reuters - Reporting by Toby Sterling; Editing by Jan Harvey and Susan Fenton)