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Gold/Mining/Energy : LNG -- Ignore unavailable to you. Want to Upgrade?

To: Dennis Roth who wrote (49)	1/28/2004 8:41:39 AM
From: Dennis Roth	Respond to of 919

Cosmo Oil, Shikoku Electric to Build LNG Terminal (Update1) quote.bloomberg.com Jan. 28 (Bloomberg) -- Cosmo Oil Co., Japan's fifth-largest oil refiner, said it will partner Shikoku Electric Power Co. in a 70 billion yen ($661 million) project to build a liquefied natural gas terminal and replace the utility's generating equipment. The LNG terminal, at Cosmo's Sakaide refinery in Kagawa Prefecture, will supply Shikoku Electric and other gas users on the western island of Shikoku, Hiroshi Kiriyama, Cosmo Oil's general manager of corporate planning, said at a joint press conference held in Tokyo. Shikoku Electric and other Japanese power producers are increasing use of cleaner-burning natural gas to meet government targets for reducing output of greenhouse gases from oil- and coal- fired plants. Cosmo will cut refining capacity at Sakaide to 90,000 barrels a day after April, from 120,000 barrels, company spokesman Tatsuya Yano said. Construction of the LNG terminal will start in the year from April 2006. Operations will start in the year beginning April 2010. Shikoku Electric, which supplies power to 2.9 million customers on Shikoku, has four thermal generators with 1,379 megawatts of capacity at Sakaide. It will dismantle one to build a gas-fired generator and convert another to burn gas, said Toru Sunouchi, director of Shikoku Electric's Tokyo branch office. LNG is natural gas that has been chilled into liquid form so that it can be transported by ship to a destination not reachable via pipeline. Buyers convert LNG back into gas for piping to power stations, factories and households. Cosmo Oil announced a similar agreement to build a 100 billion yen ($945 million) LNG terminal with Kansai Electric Power Co., the country's second-largest power utility, in May 2000. Last Updated: January 28, 2004 02:58 EST