Técnicas Reunidas and FCC to build €1-billion regasification plant in Germany

LNG regasification ship

Técnicas Reunidas, FCC and the Turkish company Enka have been awarded a contract worth around 1,000 million euros for the construction of a liquefied gas regasification plant for Hanseatic Energy Hub in the port of Stade, in the Haburg region.

This terminal will be built next to a plant of the chemical giant Dow Chemical to utilise its industrial heat. It will be erected at full speed, with the aim to have the engineering completed in five months and put into operation within three years.

At the end of last year, the Basque company Sener and Cobra, a former ACS subsidiary sold to Vinci, were awarded the construction of the first of the terminals put out to tender in the country to respond to the Russian gas cut-off, the Brünsbuttel terminal.

The two terminals entrusted to the Spanish companies add up to around 20 bcm (20 billion cubic metres of gas) per year, compared to the 84 bcm that Germany consumed in 2021, before the invasion of Ukraine, most of it coming from Russia. A third project in the country is the Wilhelmshaven plant, which could process up to 30 bcm.

Regarding the award, the analyst firm Renta 4 explains that the “news has a positive impact on Técnicas Reunidas’ share price because, although this contract was already known to the market, having been announced in the publication of the 2022 results, it was not included in the order book of €10,732 million that Técnicas Reunidas announced until 28 February. According to our estimates, this contract could have a scope of around €300/400 million, between 2.8/3.7% of the order book”.

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