Mitsubishi to invest $2.8 billion in Indonesian LNG plant

[News_Editor]

Mitsubishi to invest $2.8 billion in Indonesian LNG plant

2011-01-25 12:01:12 GMT+7 (ICT)

CYPRESS, CALIFORNIA (BNO NEWS) -- Mitsubishi Corporation on Monday announced that the final investment decision on the Donggi-Senoro LNG project in Indonesia has been reached and will cost approximately 230 billion JPY ($2.8 billion).

The project, for the construction and operation of a natural gas liquefaction (LNG) facility, is being spearheaded by PT Donggi-Senoro LNG, a company 51 percent owned by Mitsubishi.

Indonesia has the largest natural gas reserves in Southeast Asia and is the world’s third largest LNG exporter. The Donggi-Senoro project will be Indonesia’s fourth LNG project and the second involving Mitsubishi, after the Tangguh project.

In the second half of 2014, PT Donggi-Senoro is expecting to produce and deliver approximately two million tons of LNG per year (approximately 45,000 B/D crude oil equivalent), along with associated condensate (approximately 2,300-2,500 B/D crude oil equivalent).

Established in December 2007, PT Donggi-Senoro is a joint venture between Mitsubishi, Pertamina Energy Services Pte. Ltd., and PT. Medco LNG Indonesia (MLI). Pertamina Energy Services is a subsidiary of Indonesia’s state-owned oil and gas company, PT. Pertamina, and MLI is a wholly owned company of PT. Medco International Tbk, Indonesia’s largest private oil and gas company.

-- © BNO News All rights reserved 2011-01-25