Indonesia: LNG project

BP Plc and its partners plan to sign up liquefied natural gas customers by August in the USA and South Korea, allowing them to go ahead with a USD 5 billion project in Indonesia. The partners in the Tangguh project in the easternmost province of Papua will sign contracts with South Korea’s K-Power Co. by the end of July and with Sempra Energy next month, Anne Quinn, BP’s group vice president for gas, power and renewables, said. The development of new gas fields in Asia has helped buyers in Korea and China to negotiate lower prices for the fuel and prompted producers including BP and Royal Dutch/Shell Group to seek sales in the USA, where demand for LNG is forecast to quadruple by 2010. Earlier this month, Posco, South Korea’s largest steelmaker, agreed to buy about USD 2 billion of liquefied natural gas from Tangguh. Posco will buy 550,000 metric tons of LNG a year for 20 years starting in mid-2005. In 2002, Tangguh won a contract to supply 2.6 million tons a year of the fuel to a plant in China’s Fujian province.

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