JAPAN TO INVEST $1.4 BILLION IN PAPUA GAS PROJECT

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MELBOURNE, Australia (Radio Australia, June 1) – Japan's Mitsubishi Corporation says it will join with seven other Japanese companies to invest US$1.4 billion in a liquefied natural gas project in Indonesia's Papua Province.

Including the investment by the Japanese firms, a total of US$6 billion is to be spent on the international project, led by British oil major BP.

China's National Offshore Oil Corporation is also taking part.

The companies are building the world's largest LNG plant with an annual production capacity of more than seven and a half million tons.

Production is expected to start at the end of 2008.

June 1, 2005

Radio Australia: www.abc.net.au/ra

 

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