Petronas approved for Santos LNG
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Monday, 21 July 2008 |
Petronas, has secured Foreign Investment Review Board approval for its
$2.5 billion investment in a liquefied natural gas (LNG) project with
Santos Ltd.
Petronas will initially pay oil producer Santos $US2 billion ($A2.07
billion) for a 40 per cent stake in the $7.7 billion LNG project
proposed on the Queensland coast.
A further $US500 million ($A514.35 million) will be paid to Santos upon
reaching a final investment decision for a second LNG production train
of a three million tonnes a year capacity.
The first three million tonne per annum production train is expected to start exporting by 2014.
PetrolWorld 200708
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