Sonangol and ChevronTexaco to set up LNG project

Apr 23, 2005 02:00 AM

Angolan state energy company Sonangol and American oil company ChevronTexaco have signed a contract to set up a LNG plant that is scheduled to begin exporting the fuel to the United States in 2009.
Senior executives from Sonangol and ChevronTexaco signed the deal to build the "Angola LNG project" at Soyo in the northern coastal province of Zaire. With an annual output capacity of 5 mm tons, the plant's construction work will start in 2007 and will be completed in 2009.

The project involves a total investment of $ 3 bn and is led by Sonangol and ChevronTexaco, with the Angolan state energy firm holding 22.8 % of shares in the venture to the 36.4 % held by the US oil giant's Angolan affiliates.
ExxonMobil (13.6 %), Total (13.6 % and BP (13.6 %) are the other stakeholders in Angola LNG.

Sonangol's Vice President Syanga Abilio was quoted as saying that the northern LNG plant will begin exporting to the United States in 2009 and could eventually become the biggest gas supplier to the world's biggest economy.
The "world class" gas project is a "catalyst for Angola's reconstruction and growth" and will "facilitate boosted production of the nation's abundant hydrocarbon reserves," said the Sonangol executive.

Angola is rich in oil with a production capacity of 1 mm bpd at present.
According to a report issued recently by the International Monetary Fund, the Angolan government's receipts will increase substantially as petroleum production is expected to double in the next two years.

Source: Xinhua
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