Gate terminal B.V, a joint venture of Vopak and Gasunie, is pleased to announce that bp and PetroChina International London Co., Ltd will each separately acquire 2 BCM per year of regassification and corresponding storage capacity.

At the end of 2022 Gate terminal B.V. organized an open season to gauge market interest in new storage capacity of 180,000 cubic meters of LNG and a regassification capacity increase of 4 BCM per year. This will bring the total capacity of Gate to 720,000 cubic meters with a regasification capacity of 20 BCM per year. This expansion allows Gate to better contribute to the supply and availability of gas in the Netherlands and its neighbouring countries.

bp and PetroChina International London Co. committed each to a capacity booking of 2 BCM per year for a period of 20 years. The parties will continue to closely cooperate with a target of achieving FID, depending on financing and receiving an exemption amongst other matters, by September 2023 and a start of commercial operations by the third quarter of 2026.

bp statement

bp is pleased to have signed a long-term agreement for 2 BCMA throughput capacity at Gate terminal, Netherlands, for a period of 20 years, beginning 1st October 2026, with Gate terminal, subject to FID due by September 2023.

bp continues to look for opportunities across the gas value chain, as it sees LNG as an essential part of the energy transition and its own pivot to becoming an integrated energy company.

“As bp aims for an LNG portfolio of 30 million tonnes by 2030, this award provides additional regasification capacity in a key location to support security of supply for our European customers”, says Jonty Shepard, VP Global LNG Trading & Origination at bp.”

PetroChina International London statement

PetroChina International London is pleased to announce this acquisition of import capacity which underwrites vital new LNG receiving infrastructure for the Netherlands.

PetroChina International is establishing and gradually expanding it’s global LNG portfolio. Through our long term commitments and investments we are bringing significant and reliable LNG supplies to the global market from our portfolio sources.

In the context of China’s ambition to achieve Carbon neutrality by 2060, PetroChina International London and our parent company welcome the responsible policies taken by the EU to support the Energy Transition. We are pleased to enhance cooperation with European partners in green energy supply in the future.

Gate statement

“We received a good market response to our inquiry to increase the capacity of this crucial asset for the security of supply of gas in Europe. bp and PetroChina International London Co. are world class LNG portfolio players and a great addition to the existing portfolio of customers. This will further enhance the security of supply to the European energy market by adding new supply sources.”, says Jarmo Stoopman, Managing Director at Gate terminal.

About Gate terminal

Gate terminal is Europe’s LNG hub – a professional access gateway for LNG that is supplied from across the world. The import terminal on Maasvlakte in Rotterdam contributes to the natural gas supply in the Netherlands and Northwest Europe. Gate terminal receives LNG for its customers, stores it, regasifies it and then supplies it to the gas transport network for distribution to households and industry.

About bp

bp (NYSE:BP) is one of the world's largest oil and gas companies, serving millions of customers every day in more than 80 countries, and employing nearly 85,000 people. BP's business segments are oil and gas exploration & production, and refining & marketing. In alternative energies, BP has low- and no-carbon wind and biofuels businesses. Through these activities, BP provides fuel for transportation; energy for heat and light; services for motorists; and petrochemicals products for plastics, textiles and food packaging. It has strong positions in many of the world's hydrocarbons basins and strong market positions in key economies.

About PetroChina

PetroChina Company Limited (“PetroChina”) is China’s largest oil and gas producer and distributor, playing a dominant role in the oil and gas industry in China. It is not only one of the companies with the biggest sales revenue in China, but also one of the largest oil companies in the world. The American Depositary Shares (ADS) and H shares of PetroChina were listed on the New York Stock Exchange on April 6, 2000 (stock code: PTR) and the Stock Exchange of Hong Kong Limited on April 7, 2000 (stock code: 857) respectively. It was listed on Shanghai Stock Exchange on November 5, 2007 (stock code: 601857).