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New Zealand Advances First LNG Import Terminal Despite Higher Global Gas Prices

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New Zealand will move forward with plans for its first liquefied natural gas import terminal, with the government saying the project remains the fastest and most affordable way to bolster energy security despite higher global gas prices caused by the Iran conflict, Bloomberg reported Monday.

Energy Minister Simeon Brown said officials are advancing two bidders to the next stage of the process for a terminal in the Taranaki region, targeted to begin operations in 2027 or early 2028.

The project is intended to provide backup power during periods of low hydro, wind and solar generation as New Zealand's domestic gas supplies decline, the report said.

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