ADELAIDE, AUSTRALIA: Petronas has secured Foreign Investment Review Board approval for its US$2 billion investment in the Gladstone LNG project with Santos Ltd.
Petronas will initially pay oil producer Santos US$2 billion for a 40 percent stake in the LNG project that will be situated along the Queensland coast.
A further US$500 million will be paid to Santos upon reaching a final investment decision for a second LNG production train of a three million tonne (3.3 million ton) a year capacity.
The project is scheduled to enter FEED (front end engineering and design) in late 2008, with final investment decision planned for end 2009. First LNG shipment is expected in 2014.
Source : Energy Current