S. Korea?s E1 wins LPG project in South Sumatra: Report
Sunday, May 16 2004 - 06:30 PM WIB
South Korea's E1, formerly known as LG-Caltex Gas, has been selected as an overseas partner for the Natural Gas Liquid project of Indonesia?s state-owned oil company PT Pertamina, E1 said on Sunday as reported by the Korea Times.
With the designation, E1 and Pertamina will establish a joint venture within this year and embark the project in Palembang, South Sumatra.
The project, whose total investment is estimated to be $100 million, will produce an annual maximum of 500,000 tons of liquefied petroleum gas (LPG) for 15 years. The total volume of sales is forecast to reach $2.25 billion, according to the company.
Last year, a total of 4.22 tons of LPG were shipped into South Korea.
Once the venture begins commercial operation in 2007, most of the production will come to Korea, while some will be exported to China and Southeast Asia, E1 said. (*)