Thursday, April 26, 2012

InterOil has operator for Gulf LNG


InterOil says it has an ‘internationally-recognised LNG operator” for the Gulf LNG project, however, is bound by confidentiality agreements not to disclose any names, The National reports.
The company’s vice-president of capital markets and investor relations, Wayne Andrews, said with the help of its investment banks, InterOil was on schedule to partner with an internationally-recognised LNG operator in order to satisfy the remaining requirements of its 2009 project agreement commitment.
“We are in the process of selecting an internationally-recognised LNG operator for a partner in our project,” he said.
“We expect our partner to work with us to complete remaining FEED (front end engineering and design) on the liquefaction plant by the June 2013 date specified in the 2009 project agreement.”
Andrews declined to disclose any names.
“InterOil is bound by confidentiality agreements not to disclose the potential partners,” he said.
“We will announce the partner once negotiations are completed and that partner satisfies the state’s requirements.
“We can, however, reiterate that we are pleased with the number of bidders involved in the process and we expect a positive conclusion shortly.”
Asked about InterOil’s reasons for changing the initial project scope, Andrews said the scope of the project evolved during the FEED process to take advantage of improvements in modular design and cost efficiencies.
“The plans were periodically endorsed by the PNG government,” he said.
“Irrespective of whether a modular approach is pursued to construct the liquefaction plant, however, InterOil has always intended to meet the capacity requirements set forth in the project agreement.
“The government and Petromin are InterOil’s most important partners in this endeavor and we will continue to work closely with them to ensure that we attain our goals in a satisfactory manner.
“The location changed from the original plans, although this possibility was also fully contemplated by us and the government in 2009 and incorporated in the project agreement.
“All stakeholders have agreed that the Gulf province would benefit from the infrastructure development associated with the project.”

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