Vopak secures critical vessel for Port Phillip Bay LNG import terminal project
30 September 2025, Australia
Vopak today announced that it has entered into an exclusive agreement with Seapeak, a global leader in the storage and transportation of gas liquids, to provide the floating storage and regasification unit (FSRU) for its proposed Port Phillip Bay LNG import terminal.
This critical step and compared to other projects places Vopak’s Victoria Energy Terminal (VVET) in a strong position to provide energy certainty for Victoria from 2029. “Seapeak are proud to support the ongoing development of this landmark project,” said Kate Ferguson, VP of Business Development of Seapeak.
“This partnership reflects our commitment to advancing global energy access through safe, efficient, and flexible LNG solutions that help meet growing global demand.”
“Securing a vessel for conversion to a FSRU is fundamental for the development of the VVET project. With the path to deliver an FSRU secured, thanks to our partner Seapeak, VVET is well positioned to deliver gas supply to Victoria that will address the projected supply shortfalls in 2029,” Paul Kanters, Managing Director of Vopak Australia.
The Seapeak agreement comes on the back of VVET recently completing the Full Mission Bridge simulations conducted with Ports Victoria and Port Phillip Sea Pilots, among others. The simulations confirmed the advantages of Vopak’s proposed Port Phillip Bay site for its terminal, demonstrating ease of navigation without any need for new Bay dredging nor compromised gas loading of LNG carriers.
VVET is now able to move to the next step of simulating the berthing and unberthing to the terminal.
VVET will be located approximately 19km directly offshore from Avalon in Port Phillip Bay at an existing anchorage site. This site will require no dredging, minimising the impact on marine life, flora and fauna. A new transmission line would connect into the Moorabool Terminal Station, supplying renewable power for the operation of the project which will minimise carbon (CO₂) emissions.
VVET is continuing to progress its EES and is pleased to be working with the Government on the 18-month timeline for completion that was outlined in the Premier’s 2024 Economic Statement.
About the Vopak Victorian Energy Terminal
The Vopak Victoria Energy Terminal import terminal will use a Floating Storage Regasification Unit (FSRU) moored at a simple fixed marine berth within an existing anchorage point in Port Phillip, 19km east of the Avalon shoreline. Victoria’s gas transmission system is accessible within approximately 28km of the FSRU via a subsea pipeline and land-based pipeline route predominantly over farmland managed by Melbourne Water. Vopak Victoria Energy Terminal will ensure energy certainty for Victoria and the East Coast of Australia and will support 500 jobs during construction and 80 jobs during operation. Vopak investigated several sites using marine experts (marine navigation, dredging of berth, marine ecology) which informed Vopak’s decision to choose the Port Phillip site.
About Royal Vopak
Royal Vopak helps the world flow forward. At ports around the world, we provide storage and infrastructure solutions for vital products that enrich everyday life. These products include liquids and gases that provide energy for homes and businesses, chemicals for manufacturing products, and edible oils for cooking. For all of these, our worldwide network of terminals supports the global flow of supply and demand. For more than 400 years, Royal Vopak has been at the forefront of fundamental transformations. With a focus on safety, reliability, and efficiency, we create new connections and opportunities that drive progress. Now more than ever, our talented people are applying this mindset to support the energy transition. Together with our partners and customers, we are accelerating the development of infrastructure solutions for hydrogen, ammonia, CO₂, battery energy storage systems, and low-carbon fuels & feedstocks – paving the way to a more sustainable future. Vopak is listed on the Euronext Amsterdam and is headquartered in Rotterdam, the Netherlands.
For more information, please visit www.vopak.com.