Exxon Mobil Finalizes PNG Gas Sales Deal With Taiwan's CPC
March 01 2010 - 10:18PM
Dow Jones News
ExxonMobil Corp. (XOM) said Tuesday it has finalized an
agreement to sell gas from its liquefied natural gas project in
Papua New Guinea to Taiwan's CPC Corp. (CPC.YY).
The deal, which follows on from a previously announced
preliminary agreement, will see the PNG LNG project supply CPC with
about 1.2 million metric tons of gas a year for 20 years.
"This important agreement with CPC will deliver a reliable
supply of cleaner-burning natural gas to meet Taiwan's growing
energy demand and begin a new and lasting relationship between
Taiwan's largest energy importer and PNG's first LNG project,"
ExxonMobil Gas and Power Marketing's vice president for LNG Ron
Billings said in a statement.
Billing said all of the PNG LNG project's production capacity
has now been committed on a long-term basis and the project
partners are looking to finalize financing arrangements with
lenders in the first quarter of 2010.
ExxonMobil is operator of the project and has a 33.2% stake
alongside Oil Search Ltd. (OSH.AU) with 29%, the PNG Government
with 16.6%, Santos Ltd. (STO.AU) with 13.5%, Nippon Oil Corp.
(5001.TO) with 4.7% and local landowners with 2.8%.
-By Alex Wilson, Dow Jones Newswires; 61-3-9292-2094;
alex.wilson@dowjones.com
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