EWC raises funds for Sengkang LNG project
Monday, July 11 2011 - 02:09 AM WIB
ASX-listed energy firm Energy World Corporation Limited (EWC) announced on Monday that it has agreed to place 173 million new shares to be purchased by Orchid Fund Pte Limited, a Richard Chandler Corporation Company for A$86.5 million.
Orchid Funds will become 14.9 percent shareholder of EWC after Energy World International, a company controlled by EWC chairman Steward Elliot will also sell 85 million shares to the company.
The funds raised will be utilizing gas developments and its Modular LNG projects in Sengkang, South Sulawesi.
EWC is planning to develop LNG plant utilizing gas from its Sengkang PSC Block which will be built in stages. The Sengkang LNG Facility will have a production capacity of 2 MTPA and combine four modular LNG trains, each with a production capacity of 0.5 MTPA.(alex)