London, June 17 (The Energy Circle) - Australia-based energy company Venice Energy is in formal discussions with several international partners to secure the future of its $300 million Outer Harbor LNG project in Port Adelaide. Promoted as the world's first floating LNG import terminal to operate on 100% renewable energy, the project has gathered significant interest from companies with ties to the United States and Asia.

Kym Winter-Dewhirst, Chair of Venice Energy, announced that formal written offers are now on the table, with partners eager to keep the project team intact during the two-year construction and commissioning phases. The project received Crown Sponsorship from the South Australian government in 2020, followed by environmental approval in 2021, making it shovel-ready.

Recently, Venice Energy secured an exclusivity agreement with Origin Energy and a commercial understanding with AG&P LNG to acquire a floating storage and regasification unit (FSRU) for the project. The terminal, designed to be powered entirely by renewable energy, aims to address a predicted gas shortage in south-eastern Australia by 2026. Construction is expected to start in October 2024, with the project estimated to create over 350 construction jobs and 100 additional jobs post-commissioning.