Correction: LNG Ltd. ups C. Sulawesi proposed mini-LNG plant capacity
Friday, October 28 2005 - 01:47 AM WIB
On Wednesday, October 26, 2005 Petromindo.Com ran a story titled: LNG Ltd. ups C. Sulawesi proposed mini-LNG plant capacity. The fifth paragraph which read: ?The company, together with its 50-50 partner PT.Maleo Energi Utama, a subsidiary of Medco Energi, had signed Exclusivity Agreement with Senoro-Toili JOB owners to gain access to 800 BCF of Senoro-Toili?s gas at a rate of 120 MMCFD for 20 years, to be used as feeding for the proposed mini?LNG plant which is proposed to be built near the town of Luwuk and onshore Senoro-Toili, ? should read ?The company, together with its 50-50 partner PT.Maleo Energi Utama, had signed Exclusivity Agreement with Senoro-Toili JOB owners to gain access to 800 BCF of Senoro-Toili?s gas at a rate of 120 MMCFD for 20 years, to be used as feeding for the proposed mini?LNG plant which is proposed to be built near the town of Luwuk and onshore Senoro-Toili.?
PT. Maleo Energi Utama is not a subsidiary of PT.Medco Energi.
The complete article should read:
Australian firm Liquefied Natural Gas Limited (LNG Ltd) said on Wednesday it had revised its proposed Central Sulawesi mini-LNG capacity to 840,000 tons per annum from 750,000 TPA previously.
The company said the decision was made based on ongoing design engineering and completion of detailed technical review.
LNG said in its quarterly report release that during the September quarter, it had picked preferred engineering, procurement, construction and management contractors and received proposals from two international banks to act financial advisors for thr project?s debt and equity structuring.
The company also said that during the September quarter, it had commenced negotiations with gas supplier to seal definitive Gas Sales and Purchase agreements with Senoro-Toili gas owners; PT. Medco Energi Internasional and PT.Pertamina. The company also in talks to seal full-capacity LNG Sale and Purchase Agreement to more than one potential buyers, with the intention of sealing definitive agreement by the end of the year. LNG said earlier that it was in talks with potential customers in four different Asian countries to acquire the plant?s full capacity for 20 years. The company did not give specific details but its presentation suggested that it was targeting India, South Korea, China, Thailand and The Philippines.
The company, together with its 50-50 partner PT.Maleo Energi Utama, had signed Exclusivity Agreement with Senoro-Toili JOB owners to gain access to 800 BCF of Senoro-Toili?s gas at a rate of 120 MMCFD for 20 years, to be used as feeding for the proposed mini?LNG plant which is proposed to be built near the town of Luwuk and onshore Senoro-Toili.
The US$240 million project is expected to commence in 2007. (alex)
We apologize for inconvenience caused: Editor