Project to transform natural gas imports to Europe receives royal approval in Rotterdam
- Sep 29, 2011
The first import terminal for liquefied natural gas (LNG) in the Netherlands was opened last week in Rotterdam by Queen Beatrix. The new terminal caters for the rising demand for natural gas in north-western Europe, in spite of declining production. It will further enhance security and diversification of energy supply, in line with European policy objectives, by allowing imports from a growing number of LNG producing countries.
European import capacity of LNG will increase by 12 billion cubic metres, equivalent to 25% of Dutch consumption. The terminal is situated on an expansion of the port of Rotterdam, the reclaimed Maasvlaakte area at the North Sea extremity of the port. It has already started receiving liquified gas by ship which is converted into gas and prepared for distribution through the Dutch and European gas grid. The EIB lent around 50% of the external financing of the project (EUR 394m) which consists of three storage tanks with a total capacity of 540,000 cubic meters, two jetties and LNG processing area. The Gate LNG Terminal is a joint Gasunie and Royal Vopak initiative.
The EIB has also financed the Port of Rotterdam expansion on the Maasvlaakte area.