Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden) -- Ignore unavailable to you. Want to Upgrade?

To: Tomas who wrote (2296)	4/17/2001 11:21:18 PM
From: Tomas	Read Replies (1) \| Respond to of 2742

OT: Malaysian Petronas, Japan's Tohoku Agree 20-Year Gas Contract By Adeline Lee and Jane Lee Kuala Lumpur, April 16 (Bloomberg) -- Petroliam Nasional Bhd. of Malaysia, or Petronas, said it agreed to sell 900,000 metric tons of liquefied natural gas a year for 20 years to Tohoku Electric Power Co. of Japan. Tohoku will start buying the gas from Malaysia LNG Tiga Sdn., controlled by Petronas, starting in 2005. ``We will continue with our efforts in fulfilling our obligations to our customers, as well as ensuring Malaysia's position as one of the leading LNG suppliers in the region,'' said Petronas' President and chief executive officer Mohd. Hassan Marican in a statement. The agreement comes after the Japanese company lost supply from Exxon Mobil Corp.'s gas fields in Indonesia's Aceh province. Exxon, the largest publicly traded oil company, shut down its onshore gas fields in Aceh on March 9 after rebels attacked its employees. The closure disrupted LNG supplies to companies including Tohoku and Korea Gas Corp. Tohoku's long-term contract is the second agreed with Petronas. In 1994, Petronas agreed to sell 500,000 tons a year of LNG to the Japanese company for 20 years beginning 1996. Petronas will use tankers owned by Malaysian International Shipping Corp., a unit of Petronas, to transport the LNG to Tohoku, Japan's fourth-biggest power supplier. Malaysia LNG Tiga is 60 percent owned by Petronas. The Sarawak state government owns 10 percent, Shell Gas BV 15 percent, Nippon Oil LNG (Netherlands) BV 10 percent, and Diamond Gas Netherlands BV. 5 percent. Malaysia had Asia Pacific's largest proven reserves of natural gas, at 81.7 trillion cubic feet at the end of 1999, according to BP Amoco Plc. Indonesia had the second-largest reserves, with 72.3 trillion cubic feet. Tohoku said in March that it is buying eight gas cargoes from Indonesia's biggest plant at Bontang on Borneo island to replace supplies lost due to the Exxon gas field closure.