PNG: Government Wants 50 Percent Stake in Gulf LNG Project

The government of Papua New Guinea wants a 50% stake in InterOil’s Gulf LNG project, Reuters reported, citing a spokeswoman for PNG’s Prime Minister Peter O’Neill as saying.

According to the current agreement the government of Papua New Guinea will have the right to acquire an interest of up to 22.5% in the LNG project.

InterOil plans to complete the construction of the first train of 4 MTPA of LNG in 2016 followed by additional train of 4 MTPA in 2018.

Also the company is planning to further expand the capacity to 12 MTPA of LNG.

[mappress]

LNG World News Staff, November 16, 2012; Image: InterOil