M'bishi Heavy wins $138 mln order for 2 LNG tanks
Wed Jul 26, 2006 11:38pm ET
yahoo.reuters.com
TOKYO, July 27 (Reuters) - Japan's Mitsubishi Heavy Industries Ltd. (7011.T: Quote, NEWS, Research) said on Thursday its consortium with U.S. contractor Zachry Construction Corp. has won an order to build two LNG storage tanks for 16 billion yen ($138 million).
The contract to engineer, procure, and construct the tanks for Sabine Pass LNG, L.P., a unit of U.S. LNG terminal operator Cheniere Energy Inc. (LNG.A: Quote, Profile, Research), comes on top of their initial order in May 2005 to build three storage tanks on the coast of the Gulf of Mexico in Louisiana.
When the terminal expansion including two additional tanks is completed, the Sabine Pass LNG receiving terminal will have a natural gas processing capacity of 114 million cubic metres or 4 billion cubic feet per day.
With rising demand for natural gas in the United States as part of a diversification of energy sources, more than 20 LNG receiving terminals are being planned in North America.
Mitsubishi Heavy said it aims to expand its market share by winning more orders.
Shares in Mitsubishi Heavy were up 0.67 percent at 451 yen in morning trade, compared with a 0.9 percent rise in the benchmark Nikkei 225 <.N225>. ($1=116.27 Yen)
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