Chemical major Dow Inc. (DOW) said Monday that it has inked a deal to acquire a minority stake in Hanseatic Energy Hub GmbH or HEH, a consortium engaged in building a liquified natural gas or LNG import terminal in Stade, Germany.
The project, expected to be operational by 2026, follows Germany's ongoing efforts to stop its dependency on nuclear and coal fired power plants, and an expectation for a dependency on natural gas as a transition fuel until sufficient renewable energy supply meets the needs of the country.
The terminal, with an estimated regasification capacity of 13.3 billion cubic metres, is projected to satisfy up to 15 percent of Germany's current natural gas demand. As of now, the country has no LNG regasification and import facilities.
Dow is contributing land for the construction of the terminal as well as infrastructure services, off-gas heat, site services, and mutual harbor use rights.
The HEH consortium includes Dow, Fluxys, Partners Group, and Buss Group.
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