Thursday, October 23, 2014

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Ukraine Postpones LNG Terminal Due to Funding Constraints

Ukraine has postponed the construction of a liquefied natural gas terminal due to a lack of funding, Ukrainian newspaper Kommersant Ukraine has reported.

The project, undertaken by national gas company Naftogaz Ukrainy, is planned to be constructed on the Black Sea. However, due to a lack of investor interest, the project has been delayed, the paper reports a source from Naftogaz Ukrainy as saying. The country will now concentrate on a cheaper low-power floating regasification plant, the paper says.

The country is now considering the possibility of renting a floating terminal for regasification of the LNG until funding can be secured to built a terminal of its own.

"Today we see the mechanisms to use the offshore LNG-terminal," chairman of the Ukrainian National Project LNG body, Vitaliy Demianiuk said. "The term of preparation of this project is about 2 years. It will be used until a ground terminal is built."

Ukraine has turned to alternative sources of gas as part of an effort to diversify supply from Russian supplier Gazprom. Spanish Socoin, a gas engineering company, has recently been tasked with completing a feasibility study on the LNG terminal.

Source: Kommersant

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