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I'm not sure how it sits within the FMG corporate structure or whether it's outside that but Twiggy himself has pretty much cornered the market for LNG imports at least initially.

The Port Kembla facility is substantially built versus no other facility in NSW or Victoria having progressed any further than the planning stage. Only other one of relevance is in SA but that's also behind Port Kembla.

There's a near-certain market for gas imports in south-eastern Australia in the medium term (even if those imports are shipped from elsewhere in Australia, it's still an import in the physical sense) so in this context as a terminal owner / operator Twiggy's in a position akin to selling the picks and shovels. Doesn't matter which energy company (AGL, Origin, etc) someone buys gas from if physical supply is dependent on shipping it via the PK terminal.

It wouldn't be totally impossible to stuff that up as a money making opportunity but it'd be hard. Bearing in mind the biggest cost component, the floating storage and regassification vessel, is leased and can literally sail away for use elsewhere if the project did turn out to be unviable financially.

Only bit I'm not sure of is whether this is technically part of FMG in a financial sense or whether it's part of some other company but it's definitely Twiggy doing it.