Following the results of a feasibility study the Netherlands-headquartered storage provider Vopak has pulled out of a planned LNG terminal.
The terminal, proposed for Eemshaven in the north of the Netherlands, was a collaboration between Essent, Nederlandse Gasunie and Vopak.
The feasibility study showed that there is not enough basis to come to a positive investment decision, looking at the terminal and the pipelines in Europe that are being built, Bert Hendriks, a spokesman of Essent says.
Vopak and Gasunie joined the Eemshaven LNG project in 2007, each buying 25%, while Essent holds the rest. The terminal, located 133 miles northeast of Amsterdam, was scheduled to become operational in 2015. In 2007, Essent acquired all of the shares in the project from ConocoPhillips, which held 50% of all the shares.
Vopak and Gasunie are building the Gate terminal in Rotterdam, the first LNG terminal in the Netherlands with an initial capacity of 12 billion m3 a year.
The plant is planned to start in the second half of 2011 and will consist of a jetty and three storage tanks, each able to hold 180,000m3 of the gas cooled to a liquid.
The terminals annual capacity may be increased to 16 billion m3.