Conoco, Origin Finalize LNG Sales Deal With Kansai
06/28/2012| 08:11pm US/Eastern
By Ray Brindal
CANBERRA--A US$20 billion Australian gas-export joint venture involving ConocoPhillips (COP) and Origin Energy Ltd. (>> Origin Energy Limited) on Friday said it had finalized a gas sales deal with Kansai Electric Power Co.
The Australian Pacific LNG venture, which also includes China Petrochemical Corp., said it's on track to make a final investment decision on a second liquefied natural gas, or LNG, processing unit by "mid-2012". The binding deal to sell 1 million metric tons of LNG a year to the Japanese utility from 2016 is contingent on execution of the final investment decision.
The deal with Kansai was originally announced as a preliminary, non-binding offtake pact in November.
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