Source Pravda.Ru

BP Outside China - 30 September, 2002 - News

BP and its consortium partners plan to install two trains at the Tangguh plant, with a combined capacity of seven million tons per year.

The Tangguh LNG plant is located at Berau Bintuni Bay, which contains 14.4 trillion cubic feet of proven gas reserves. BP has 50 percent of the reserves.

Chinese state-owned firm CNOOC, which acts as the buyer in the Fujian LNG supply contract, will take a 12.5 percent stake in the gas fields.

The Fujian contract will generate a total of $8.5 billion in sales revenue to the government throughout the contract period of 25 years, while the two trains will generate $21 billion in revenue.

China's Fujian province will buy 2.6 million tons per year from the plant. Philippine energy firm GNPower intends to buy another 1.5 million tons per year.

BP is seeking buyers for the excess capacity in India, Korea, Japan, the West Coast of the U.S and Java.

BP is giving consideration to building a floating LNG deliquefaction (the process of converting LNG to gas) terminal to supply gas to customers in West Java.

PGN has even planned to build a pipeline worth $1.7 billion to supply gas from East Kalimantan to East Java.

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