Conoco Resumes LNG Exports from Alaska Kenai Plant

Date : 06/14/2012 @ 1:54PM
Source : Dow Jones News
Stock : Conocophillips (COP)
Quote : 47.74  0.0 (0.00%) @ 6:55AM

Conoco Resumes LNG Exports from Alaska Kenai Plant

Conocophillips (NYSE:COP)
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ConocoPhillips (COP) said Thursday it has resumed exports of liquefied natural gas, or LNG, from its Alaska Kenai plant, which was mothballed last year due to deteriorating market conditions.

The first cargo departed in May, and three to four more are expected between now and the end of the year, said company spokeswoman Natalie Lowman.

"ConocoPhillips is exporting these cargoes because we were able to negotiate new gas contracts and an agreement to lease an LNG tanker last December," Lowman added.

The company said in February 2011 it was planning to shut down the plant, as operation of the plant as an export facility wasn't economically viable.

Marathon Oil Corp. (MRO) is the co-owner of the plant, which for more than four decades has shipped LNG to Japan.

-Write to Isabel Ordonez at isabel.ordonez@dowjones.com




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