SINGAPORE - The Singapore government will take over development of its first $1 billion liquefied natural gas terminal from a consortium, to avoid more delays due to the credit crunch, and defer its completion by a year to 2013. The PowerGas-led consortium, which included GDF Suez with a 30% stake, had been due to make its final investment decision this month for the project slated to have a 3 million-tonne annual capacity when completed in 2012.
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Singapore pushes back LNG terminal
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Sunday, July 5, 2009
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Plan to develop Bai Hassan, Kirkuk oil fields
IRAQ - The North Oil Company has drawn up plans to increase oil production from Bai Hassan and Kirkuk oil fields, the director of the company said on Saturday. "Our national staff in the North Oil Company are capable of doing that," Engineer Manaa Abdullah al-Ubeidi told Aswat al-Iraq news agency.
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Industrial gas potential moves forward in Kazakhstan
KAZAKHSTAN - Rich in reserves of oil, metals, and minerals, Kazakhstan harbours healthy potential for the industrial gases business and some of this promise is now being realised with infrastructure development plans.
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Iran to invest $70bn in gas projects
IRAN - Iran is planning to invest around $70bn in two major offshore natural gas fields by 2015. An official from the National Iranian Oil Company has said $40bn would be needed to complete remaining projects in the South Pars field in a five-year economic plan, which runs until 2015. Another official has mentioned Iran plans to take a Euro1bn bond with Asian banks to finance the development of South Pars.
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Repsol makes two new oil discoveries offshore Spain
SPAIN - Repsol has made two new offshore oil discoveries in the Spanish Mediterranean. The Montanazo D-5 and Lubina-1 wells are located 45 kilometres from the coast of Tarragona, where the company is developing similar satellite fields. Repsol, with a 75% stake, is the operator of the first of these discoveries, in a consortium with Gas Natural (17.7%) and Cepsa (7.3%). In the second discovery, Repsol is the sole holder.
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Qatar and Poland sign 20-year LNG contract
POLAND - Qatar Liquefied Gas Co. III (Qatargas) has signed a 20-year agreement to sell Poland 1 million tonnes/year of LNG. Poland’s Treasury Ministry said value of the contract is about $550 million/year. Poland will receive the LNG at a terminal under construction at Swinoujscie, scheduled for completion in 2015.
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Pertamina, PGN to build LNG terminals separately in Indonesia
INDONESIA - In a bid to accelerate the development of liquefied natural gas terminals, state energy companies PT Pertamina and PT Perusahaan Gas Negara (PGN) - which earlier planned to jointly build two floating LNG terminals - have now decided to work separately. Pertamina's president director Karen Agustiawan said on Thursday that her company and PGN would finish the projects in West Java and in North Sumatra faster if the two worked separately.
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