Australia secures lease for first floating import ship

SYDNEY - The details around Australia's first floating liquefied natural gas import ship were finalized on Monday, with Australian Industrial Energy securing a vessel from Norwegian firm Hoegh LNG.

The move comes just months after the state and federal government fast-tracked a $250 million plan to develop an import terminal at Port Kembla, 100 kilometers south of Sydney, in order to shore up the east coast's wavering gas supplies.

"Securing the Floating Storage and Regasification Unit, and confirmation of the New South Wales government's planning requirements are two further important milestones for our project," AIE CEO James Baulderstone said.