Tepor Macaé FSRU

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Tepor Macaé FSRU is a proposed LNG terminal in the state of Rio de Janeiro, Brazil.

Location

The proposed terminal will be located within the Tepor Macaé port complex, northeast of the city of Macaé, Rio de Janeiro state, Brazil.

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Project Details

• Sponsor: Eneva, EBTE Engenharia
• Owner: Eneva [65%]; Grupo Vale Azul Participações [35%]
• Parent comapny: Eneva [65%]; Grupo Vale Azul Participações [35%]
• Location: Macaé, Rio de Janeiro state, Brazil
• Coordinates: -22.323277, -41.723130 (approximate)
• Capacity: 21 MMcm/d
• Status: Proposed
• Type: Import
• Start Year: 2028
• Cost: 5 billion BRL (cost estimate for first phase of port project; unclear how much of this is specifically related to the LNG terminal)
• Financing:

Note: mtpa = million tonnes per year; bcfd = billion cubic feet per day

Background

The proposed Tepor Macaé terminal is part of the massive new Terminal Portuário de Macaé port complex. The port and terminal project was originally to be developed by EBTE Engenharia, a subsidiary of Grupo Vale Azul Participações.

The Tepor port project obtained its preliminary license from Rio de Janeiro's state environmental agency INEA (Instituto Estadual do Ambiente) in November 2019. Plans call for a multi-use port that will provide a variety of oil and gas processing, storage and transport services, including an LNG terminal comprising an FSRU (floating supply and regasification unit) with a capacity of 21 MMcm per day and an area reserved for LNG storage tanks. Construction of the new port complex was originally expected to begin in 2021.

Potential customers for the LNG terminal include eight gas-fired power plants in the Macaé area: EDF's existing 827 MW Norte Fluminense power station, the 565 MW Marlim Azul power station currently under development by Pátria Investments, Shell and Mitsubishi Hitachi Power Systems, the Vale Azul II and III power stations, both already licensed with a total capacity of 1240 MW, and the proposed 5275 MW Litos power station.

As of July 2021, the Tepor Macaé Terminal continued to be listed by the Brazilian government as an active project in the licensing phase, still awaiting a final investment decision.

In September 2021, Brazilian energy giant Eneva announced that it had signed a deal with Grupo Vale Azul giving Eneva exclusive negotiating rights to the project through 2022 and preferential rights through 2024. The deal, which remained subject to technical and financial viability studies, would initially grant Eneva a 65% ownership stake in the joint venture, with Vale Azul Participações holding the remaining 35%. Under the agreement, Eneva retained the right to assume 100% ownership of the project at its discretion anytime between January 2023 and December 2024.

As of July 2023, construction of the new port complex was expected to begin in the first half of 2024, with commercial operations getting underway by the end of 2026; however, the precise timeline for developing the associated LNG terminal remained unclear.

As of August 2024, all licenses and authorizations were in place, but further development of the port complex appeared to be on hold. The timeline for its completion had reportedly slipped to 2027 or 2028, with construction now scheduled to start no earlier than 2025.