GEV has secured access to the UK Gas Market through the Port Meridian Project
In 2017, GEV signed a definitive agreement with Meridian Holdings Co. to secure access to the UK port capacity & gas sale rights.
- Gas volume rights of up to 300 MMscf/d of port capacity at Port Meridian (circa 2.3Mtpa LNG equivalent)
- Gas sale rights of up to 300 MMscf/d to Uniper Global Commodities SE (Mkt Cap EU 6.4B; UN01 GY; BBB rated)
- GEV acquired a 5% equity interest in the Meridian terminal for USD $2M
Secures substantial market access to a liquid and transparent gas market in the UK increasing reliant on imported gas,. GEV and Meridian will target FID by the end of 2018 for both CNG transport & terminal. Front End Engineering studies are ongoing for CNG loading and offloading.
Discussions are underway with three identified proven gas resources located in the Atlantic that are suitable for the transport of marine CNG into Port Meridian.
- Port Meridian is a fully approved deepwater port 37km offshore, North West England
- Unique technical fit for CNG delivery to Europe through an APL buoy system connected to onshore gas processing facilities and the UK grid
- 20 year Gas Sale Agreement in place with Uniper Global Commodities SE
- Priced at UK NBP index, with Uniper Investment Grade guarantee
- Delivered cost of CNG to the UK Market inline with recent NBP trading in the $6 – $8/MMbtu Band