CNOOC confirms new LNG deal for Tangguh
Friday, August 15 2003 - 06:55 AM WIB
China's largest offshore oil and gas company CNOOC Limited said Friday that it had learnt from BP Indonesia, the operator of Tangguh LNG Project, that the Tangguh liquefied natural gas (LNG) project in Indonesia has been selected as the preferred supplier of LNG to two South Korean companies - SK Power Company Limited, and POSCO.
POSCO, the world's second largest steel maker, and SK Power - 100 percent owned by SK Corporation, South Korea's largest oil refiner - announced that the Tangguh LNG Project is the winner of the supply contract of up to 1.35 million tones per annum of LNG for a 20-year term starting in 2005.
CNOOC owns 12.50 percent of equity interest in Tangguh project. BP is the operator of the project.
"Incremental LNG sales at Tangguh are positive development for the project. CNOOC remains optimistic about economic benefits of project to the shareholders of CNOOC and its partners including Indonesian people," commented Wei Liucheng, Chairman and Chief Executive Officer of CNOOC in a statement. (robert)