$1.2bn LNG terminal to be built.AMSTERDAM: Dutch oil See Dutch liquid storage company Vopak and Gasunie said yesterday they will build the Netherlands' first liquefied natural gas liquefied natural gas: see under natural gas. Liquefied natural gas (LNG) A product of natural gas which consists primarily of methane. Its properties are those of liquid methane, slightly modified by minor constituents. (LNG LNG (liquefied natural gas): see under natural gas. ) terminal in Rotterdam, estimated to cost about 800 million euros ($1.2 billion). Denmark's Dong Energy DONG Energy is Denmark's leading energy company. History The Danish state company Dansk Naturgas A/S was founded in 1972 to manage resources in the Danish sector of the North Sea. After some years, the company was renamed to Dansk Olie og Naturgas A/S (DONG). , Dutch energy utility Essent and Austria's OMV OMV Open Market Value (automobiles) OMV Orbital Maneuvering Vehicle OMV Oblates of the Virgin Mary (religious order) OMV Österr Mineralöl Verwaltung (Austrian Mineral Oil Administration) Gas International, which will be the first customers of the terminal, will each acquire a a five per cent equity stake in the project, the two said They have each committed to annual throughput of 3bn cubic metres (bcm). The terminal will receive LNG from special tankers and warm the chilled LNG into natural gas for delivery into the transmission network for the Dutch and other European markets. "With the continuous increase in demand and a decrease of production of natural gas in northwest Europe, the Gate terminal helps to fill the gap and will become an important independent distribution hub," Vopak chairman John Paul Broeders and Gasunie chairman Marcel Kramer said. Copyright [c] 2008 Gulf Daily News Provided by Syndigate.info an Albawaba.com company |
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