EPIK, a South Korean LNG project developer, signed a strategic partnership agreement with Hyundai LNG Shipping on FSRU collaboration. 

The agreement lays out a framework for the two companies to work together in the development of FSRU projects around the globe, including, EPIK’s recently secured Newcastle LNG FSRU import project at the Port of Newcastle, Australia, EPIK said in its statement on Monday.

EPIK bagged the Newcastle LNG project at the Port of Newcastle, one of Australia’s largest ports and a major trade and logistics hub in December last year.

The project would include a 170,000-cbm class new-build FSRU and associated on-shore infrastructure, with a combined potential investment estimated to be between $400 million and $430 million.

In addition to the import terminal, EPIK is exploring the possibility of additional gas-related infrastructure that would be of benefit to the NSW region, including potential gas-fired power and LNG bunkering facilities.

EPIK expects to place an order for the FSRU newbuild with a shipyard subject to receiving regulatory approvals for the project, which the company currently expects to receive by early 2020.