Sines could double gas storage capacity

 In Companies, News, Ports

The Port of Sines could double its gas storage capacity by building a new liquefied natural gas terminal.

The infrastructure could be built within a year with a reasonable amount of investment. In an interview with RTP’s Antena 1 and Jornal de Negócios, the president of the Port Authority of Sines and Algarve, José Luís Cacho revealed that if Europe stopped buying gas from Russia and began importing gas from other regions such as the US, Sines would be prepared to receive and store this gas.
He said that Sines is working at a 70% capacity and could double its capacity for LNG from three to six tanks.
However, the investment will only go ahead if there is interest in linking the Iberian peninsula pipelines with the rest of Europe and consequently with an increase in supply from sea since Portugal already has sufficient liquid gas for the national market.
This change in the level of European gas imports, according to the APS president, will have effects on the Port of Sines’ strategic relevance and not just in the growth of its business.
José Luís Cacho also revealed that at present there are no scheduled arrivals of ships carrying Russian gas to the Port of Sines.
As to the future of the new Vasco da Gama shipping container facility, despite changes to rules published recently by the government, the president of the Port of Sines says that there aren’t the market conditions, for now, to press ahead with the contract competition.
On expectations for this year’s results, José Luís Cacho admits that they might be below or equal to last year’s results, but this would depend on how long the crisis caused by the Ukraine invasion goes on. This is because weak company growth will be reflected in Port of Sines activity.