Mitsui, Partners Awarded Front End Engineering Aand Design Contract for Train 2 LNG Project in Equitorial Guinea.Tokyo, Japan, Aug 23, 2006 - (JCN JCN Japan Corporate NewsJCN Journal of Cognitive Neuroscience JCN Journal of Cardiovascular Nursing JCN Journal of Christian Nursing JCN Job Control Number JCN Journal of Child Neurology JCN joint communications network (US DoD) Newswire) - Mitsui & Co., Ltd.; a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Marathon Oil Corporation; Sonagas, the National Gas Company of Equatorial Guinea; and a subsidiary of Marubeni Corporation, the Shareholders in Equatorial Guinea LNG LNG (liquefied natural gas): see under natural gas. Company Limited (EG LNG Co), announced today that the companies have awarded a front end engineering and design (FEED) contract to Bechtel for initial work related to a potential second 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) train on Bioko Island, Equatorial Guinea. The FEED work is expected to be completed by the end of the first quarter 2007. The scope of the FEED work for the potential 4.4 million metric tonnes per year Train 2 project includes feed gas metering, liquefaction liquefaction, change of a substance from the solid or the gaseous state to the liquid state. Since the different states of matter correspond to different amounts of energy of the molecules making up the substance, energy in the form of heat must either be supplied to , refrigeration refrigeration, process for drawing heat from substances to lower their temperature, often for purposes of preservation. Refrigeration in its modern, portable form also depends on insulating materials that are thin yet effective. , ethylene storage, boil off gas compression, product transfer to storage and LNG product metering. The Shareholders believe that Equatorial Guinea has the potential of serving as a regional gas hub, providing a means to commercialize the large volumes of stranded natural gas offshore Equatorial Guinea and other significant gas resources in the Gulf of Guinea Noun 1. Gulf of Guinea - a gulf off the southwest coast of Africa Bioko - an island in the Gulf of Guinea that is part of Equatorial Guinea Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa . This gas can be converted to LNG via a multi-train LNG complex and then shipped to the consuming markets in the Atlantic Basin where demand for environmentally friendly natural gas is expected to continue to grow. Key to the construction of Train 2 is securing long term gas supply agreements with the owners of surrounding gas resources. At this time, the Shareholders are in discussions with gas resource holders in Equatorial Guinea, Nigeria and Cameroon to secure the necessary gas supply. Upon securing adequate gas supplies and completion of the FEED, the companies expect that a decision whether to proceed with Train 2 will be made during 2007. Currently, EG LNG Co., is ahead of schedule in constructing the LNG Train 1 project which will have a capacity of 3.4 million metric tonnes of LNG per year, and which is scheduled to begin first shipments of LNG during the middle of 2007. As of the end of the second quarter of this year, the project was 87 percent complete on an engineering, procurement and construction  The introduction to this article is vague. To comply with Wikipedia's guidelines, it should be improved. basis.Interest holders in EG LNG Co are Marathon, with a 60 percent interest, Sonagas, the National Gas Company of Equatorial Guinea, with a 25 percent interest, as well as Marubeni Gas Development Co., Ltd., and Mitsui & Co., Ltd., which hold the remaining 6.5 percent and 8.5 percent interest, respectively. About Mitsui and Co., Ltd. Mitsui and Co., Ltd. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : 8031) (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : MITSY) is one of the largest trading houses in the world and is active in a wide range of trading activities, along with the development of energy sources and other natural resources for various industries. These include export, import, domestic and offshore transactions in such industrial materials as steel, non-ferrous metals and chemicals as well as in machinery, electronic and industrial products and lifestyle-related products, including foodstuffs foodstuffs npl → comestibles mpl foodstuffs npl → denrées fpl alimentaires foodstuffs food npl → , textiles and general merchandise. Mitsui is also involved in various businesses related to the aforementioned activities, as well as telecommunications and IT, service businesses and regional development. About Marubeni Marubeni Corporation (TSE: 8002) was established in 1858, and is a core company of Marubeni Group, one of Japan's leading general trading houses. Operations encompass domestic import, export and offshore trade. Activities range from the development of natural resources to the retailed marketing of finished products. For the past several years, Marubeni Group has been establishing and enhancing its worldwide information and communication business. Marubeni Group continues to create comprehensive IT services through investment. Source: Mitsui and Co., Ltd. Contact: Mitsui & Co., Ltd. Corporate Communications Division Telephone: +81-3-3285-7596 Facsimile: +81-3-3285-9819 Copyright [c] 2006 JCN Newswire. All rights reserved. A division of Japan Corporate News Network K.K. |
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