The consortium behind the Port Kembla Gas Terminal want to make sure it can turn a profit before starting construction.
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On Monday, the state government granted planning approval for the project.
Squadron Energy CEO Stuart Johnston - chairman of the terminal steering committee - said that approval had sent a message to prospective gas purchasers that the project would go ahead.
But before they start digging out a berth for the Floating Storage Regasification Unit (FSRU) that will hold the gas, Mr Johnston said they were going back to the 15 customers who were interested in purchasing gas and get them on board.
"What we have to do now is close enough of those commercial discussions to make sure we can turn a dollar out of the project sufficient to justify spending the $200-250 million capital [to build the terminal], " Mr Johnston said.
"When we've got enough signed contracts we announce the final investment decision and you see the shovels turning very shortly thereafter."
Mr Johnston said it was highly likely there would be enough contracts to make the terminal viable.
"It's not like we're going from a standing start," he said.
"We've been talking to customers for six to nine months in a lot of cases. We know how much gas they need but what we have to do now is close those and make them binding."
Preparation work for the construction phase is also well under way, with a selection of contracts ready and just waiting to be awarded.
The construction work will involve digging out space in the eastern side of the port to allow the FSRU to fit in.
Mr Johnston isn't expecting that dredging work to be difficult, even as it is carried out in an active port.
"It's not huge and obviously we'll be working with NSW Ports on that," he said.
"Even as an operational port you can work around the frequency of vessels going in and out."
Soil dug out from the berth will remain within the port precinct and be used to continue reclamation work around the outer harbour.