OilVoice - PNG LNG Project Signs LNG Sale and Purchase Agreement with CPC

PNG LNG Project Signs LNG Sale and Purchase Agreement with CPC

Tuesday, March 02, 2010

Santos announces that the PNG LNG Project participants have finalised a binding Sale and Purchase Agreement (SPA) with CPC Corporation of Taiwan for the long-term sale and purchase of liquefied natural gas (LNG) totaling approximately 1.2 million tonnes per annum.

Under the agreement, the PNG LNG Project will supply LNG to CPC Corporation for a period of 20 years.

With the finalisation of this SPA, all of the PNG LNG Project's production capacity has been committed on a long-term basis. Finalisation of the financing arrangements with lenders is expected later this month.