Consortium Launches LNG Project

Tuesday, January 23, 2007
The Peru LNG project, the largest industrial project ever to be undertaken in the history of Peru, officially launched today by awarding to Chicago Bridge & Iron Company N.V. (CB&I) the engineering, procurement and construction (EPC) contract for a natural gas liquefaction plant valued in excess of $1.5b. The Notice To Proceed authorization represents a commitment by the international project consortium (consisting of Hunt Oil Company of the United States, SK Corporation of Korea and Repsol YPF of Spain) to move forward with their direct investments to develop the Peru LNG gas export project. Hunt Oil Company will serve as operator of the project.

Peru LNG is a key component in Peru's overall energy plan. Natural gas resources in excess of local demand will be exported as a sustainable commodity for more than two decades with exports expected to commence in mid 2010. The total cost for the project, including the liquefaction plant, related marine and pipeline facilities and development and financing costs, aggregates approximately $3.8 billion and is the largest foreign direct investment in Peru's history. It has the strong support of the Peruvian government, as it will be an important engine of economic growth and jobs in Peru. Once in operation, Peru LNG is expected to generate roughly $800 million annually of hard currency export revenues. During the construction phase, 35,000 direct and indirect jobs will be generated. Financing for the project is expected to come from a variety of sources, including the Inter-American Development Bank, with which Peru LNG signed an $800 million mandate letter in July 2006. The EPC contract awarded to CB&I for the LNG plant and marine facilities, valued in excess of $1.5 billion, represents the largest single investment of the project. The entire project is expected to take four years to complete. CB&I is one of the world's leading EPC companies. The company recently constructed a LNG import facility in the Dominican Republic, hiring and training 90 percent of its workforce from the local population and completing the project without a single recordable injury or lost work day. Source: Hunt Oil Company

Maritime Reporter January 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

MSC Sinfonia Upgradation at Fincantieri Shipyard

Extension operations on MSC Sinfonia, the second out of four MSC cruise ships to undergo the Renaissance Programme of enhancements, have begunin the past days at Fincantieri shipyard in Palermo.

Irving Celebrates Canadian AOPS Build Contract

Government of Canada & Irving Shipbuilding mark signing of $2.3 billion AOPS build contract; 3,600 Jobs across Canada generated from Irving’s NSPS commitments to

Maran Orders 4 LNGCs from DSME

Korean shipbuilder Daewoo Shipbuilding & Marine Engineering (DSME) will build four large Liquefied Natural Gas Carriers (LNGC) for Maran Gas.   The four LNGCs

LNG

Hofste, Montijn Nominated to Supervisory Board Fugro

Fugro N.V. announces that the Supervisory Board of Fugro nominates Mrs. P.H.M. Hofsté and Mrs. A.H. Montijn for appointment as members of the Supervisory Board

Venezuela's PDVSA Debt rose 6.3%

Venezuelan state oil company PDVSA's consolidated financial debt rose 6.3 percent in 2014 compared with the previous year to reach $46.2 billion, the company said late on Friday,

Yamal LNG Inks Deal with Gazprom to Sell LNG in Asia

A trading subsidary of Russian gas producer Yamal LNG has signed a long-term supply contract with a trading subsidiary of Gazprom, under which liquefied natural

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Navigation Pipelines Port Authority Ship Repair Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1948 sec (5 req/sec)