Viva Energy gets approval for Geelong LNG terminal amid gas shortage fears

Moomoo market analyst Jessica Amir recently featured on Reuters to share her insights on Viva Energy's (ASX:VEA) newly approved liquefied natural gas (LNG) terminal project in Geelong, Victoria.

To address potential natural gas shortages in Australia’s east coast, the Victorian Government has cleared for Viva Energy to move forward with the construction of a liquefied natural gas (LNG) import terminal. The project is a positive development that could help ease the region's supply-demand imbalance, particularly during peak demand periods.

"This is a welcome news for Viva Energy," Jessica noted, "especially considering the potential for a sharp increase in electricity prices. "

However, she also pointed out that the project approval is unlikely to have a significant immediate impact on Viva Energy’s share price. The company's stock continues to be influenced by movements in global oil prices.

Viva Energy shares fell 1.5% on the day, in line with the 1.1% decline in the broader Australian energy sector.