Altamira LNG Terminal Could Begin Expanded Ops in 2012

The Altamira LNG regasification terminal operated by Anglo-Dutch oil major Shell (NYSE: RDS) on Mexico's gulf coast could begin expanded operations as early as 2012, Altamira managing director Carlos Barajas told BNamericas. The plant, on Mexico's Gulf coast, currently has two storage tanks with a 3.5Mt/y LNG capacity. The expansion is not on the table in the short term because there are several other sources of natural gas supply for the zone. Sources include imports from the US and production by state oil company Pemex in northeast Mexico. The expansion will take roughly two years, Barajas said, without providing figures on the size of the project. Possible investment is still unknown given volatile prices for construction works. Shell controls 50% of the terminal with France's Total (NYSE: TOT) and Japan's Mitsui each holding 25%. Shell and Total hold 75% and 25% respectively of the terminal's capacity rights. [Source: http://www.bnamericas.com]