Printer Friendly

Indonesia won't delay LNG supplies to China, SKorea: minister

Indonesia Indonesia (ĭn'dənē`zhə), officially Republic of Indonesia, republic (2005 est. pop. 241,974,000), c.735,000 sq mi (1,903,650 sq km), SE Asia, in the Malay Archipelago.  will continue supplies of 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. ) to China and South Korea from its Tangguh plant despite ongoing negotiations over prices, the energy minister said Tuesday.

"The gas delivery will be on schedule even though negotiations are still ongoing," Purnomo Yusgiantoro told reporters.

Indonesia announced earlier this the year it was seeking to increase the price of LNG from its plant in easternmost Papua province in order to cash in on high oil prices.

Jakarta secured a 25-year contract with China in 2002 to supply Fujian province with 2.6 million tons of LNG per year from Tangguh. The contract is worth 8.5 billion dollars and comes into force in 2009, when operations are expected to begin.

It also has a deal to sell 600,000 to 800,000 tons a year to South Korea's K-Power at 3.50 dollars per million British thermal units British thermal unit, abbr. Btu, unit for measuring heat quantity in the customary system of English units of measurement, equal to the amount of heat required to raise the temperature of one pound of water at its maximum density [which occurs at a temperature of 39.  (mmbtu) for 20 years, and 550,000 tons a year to Posco at 3.36 dollars per mmbtu for an equal number of years.

-- Dow Jones Newswires Dow Jones Newswires is the real-time financial news organization owned by Dow Jones. Founded in 1882, its primary competitors are Bloomberg L.P. and Reuters. The company reports more than 420,000 subscribers -- including brokers, traders, analysts and fund managers -- as of July  contributed to this story --
Copyright 2008 AFP Asian Edition
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright (c) Mochila, Inc.

 Reader Opinion




Article Details
Printer friendly Cite/link Email Feedback
Publication:AFP Asian Edition
Date:Oct 28, 2008
Previous Article:Honda net profit down on strong yen
Next Article:Japan executes two inmates: minister

Related Articles
INDONESIA - Boosts LNG & Pipeline Gas Exports.
OPEC Prepares For A More Flexible Price Defence/Market Share Strategy.
INDONESIA - Indonesian LNG & Pipeline Gas Exports Decline.
Indonesia - BP Is Close To Funding Tangguh LNG Export Venture.
Qatar Sells LNG At Fixed Price Exceeding $10/M BTU For 20 Years.

Terms of use | Copyright © 2014 Farlex, Inc. | Feedback | For webmasters