News Post
Inpex, Indonesian government sign Abadi LNG development agreement
Japan’s biggest oil and gas explorer Inpex Corp and the Indonesian government signed a basic agreement on the development of Indonesia’s Abadi liquefied natural gas (LNG) project on Sunday, moving forward the $15 billion project.
Inpex President Takayuki Ueda said the Japanese company, which owns a 65 percent stake in the project, said they plan to submit a development plan for the project within several weeks to the Indonesian government and aim to make a final investment decision within 2-3 years.
The signing ceremony took place on the sidelines of a meeting of G20 energy and environment ministers in Karuizawa, northwest of Tokyo, which Indonesian Energy and Mineral Resources Minister Ignasius Jonan is attending.
The remaining stake in the Abadi project, situated in the Masela block, is owned by Royal Dutch Shell, the world’s largest buyer and seller of LNG.
But Shell is moving to sell its stake in the Abadi project, industry and banking sources said in May, following on from an asset disposal program that has raised more than $30 billion.
Asked whether Shell plans to sell its stake in the project, Ueda said his company has not heard about that from Shell.
The Port Arthur facility also offers: three barge docks, all with vapor control capability; one ship dock, capable of loading ships at rates of up to 40,000 barrels per hour, allowing for the loading of one 500,000- to 750,000-barrel ship every other day; one bidirectional pipeline.
Located within the Port of Corpus Christi, Hep’s terminal facility currently consists of six tanks with 480,000 Bbls of storage capacity, a ship dock, a 12-inch pipeline with connectivity to six local refineries, and unit train loading facilities capable of loading one unit train per day.
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