Tokyo, Nov 17, 2011 (JCN) - Marubeni Corp. has acquired a 21% stake in Merlin Petroleum Co., which holds oil and gas interests in Papua New Guinea, including interests in the country's first LNG project named the PNGLNG Project, utilizing the gas to be produced from the fields in which Merlin participates and other oil and gas fields in the country.
The PNGLNG Project will transport natural gas from the oil and gas fields located in the Southern Highlands Province and Western Province in the central PNG to a liquefaction plant that is under construction nearby Port Moresby, a capital of PNG. The natural gas will go through over 750km pipelines to be laid, and then will be liquefied for exports. Long-term sales and purchase agreements for 6.6 million ton per annum of the LNG from the PNGLNG Project have been executed with internationally reputable LNG buyers in Japan, China and Taiwan for 20 years. The PNG's first LNG project, scheduled to be on stream in 2014, has been receiving the full support of the PNG government as a national project and is currently in progress.
As PNG has geographically easy access to Asian countries and is rich in natural resources, the country is expected to strengthen its presence as one of the energy supply sources to cover the increasing LNG demand among Asian countries, especially in Japan. Marubeni, along with JX Nippon Oil & Gas Exploration Corp., will promote the business to extend opportunities in PNG.
The Japan Bank for International Cooperation (JBIC) and Nippon Export and Investment Insurance (NEXI) have supported Marubeni's acquisition through their provision of loan and insurance facilities, respectively.
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