LNG Ltd: Talks With Several Parties Over Gladstone LNG Project
April 19 2010 - 2:24AM
Dow Jones News
Liquefied Natural Gas Ltd. (LNG.AU) said Monday several parties
have discussed becoming a strategic partner for its proposed LNG
plant in Queensland state, and parallel talks over gas supply to
the project are making pleasing progress.
LNG Ltd. is seeking to secure the project's future after an
earlier preliminary agreement with Arrow Energy Ltd. (AOE.AU) was
undermined by a A$3.44 billion takeover offer for Arrow by Royal
Dutch Shell Plc (RDSB) and PetroChina Co. (PTR).
LNG Ltd.'s agreement with Arrow has now become non-exclusive,
giving the company scope to discuss new strategic partnerships and
other gas supply options.
Site works and construction of the Fisherman's Landing project
at Gladstone port are currently on hold while those talks take
place.
In a statement, LNG Ltd. said it would choose a strategic
partner that can buy a major equity stake of the Fisherman's
Landing project, purchase the LNG produced and financially support
the company's proposed gas supply plan for the terminal.
"The company (is) holding meetings with a number of parties who
meet the company's selection criteria," said LNG Ltd.
The Fisherman's Landing project is designed to be smaller than
competing LNG projects at Gladstone that will be fed by coal seam
gas produced nearby, enabling it to be become operational in a
shorter timeframe.
The first production unit is slated to produce 1.5 million
metric tons of LNG a year. That compares with rival projects put
forward by companies such as Shell and BG Group Plc (BG.LN) that
envisage initial production in the region of 8 million tons a
year.
LNG Ltd., based at Perth in Western Australia state, said it
would provide an update on its plans for the Fisherman's Landing
LNG project in the second quarter of this year.
-By David Winning, Dow Jones Newswires; +61-2-82724688;
david.winning@dowjones.com
Liquefied Natural Gas (ASX:LNG)
Historical Stock Chart
From Jun 2024 to Jul 2024
Liquefied Natural Gas (ASX:LNG)
Historical Stock Chart
From Jul 2023 to Jul 2024
Real-Time news about Liquefied Natural Gas Limited (Australian Stock Exchange): 0 recent articles
More Liquefied Natural Gas News Articles