Mitsubishi to invest in Sulawesi LNG plant

Jakarta (IOGNews) -Indonesian state oil company Pertamina has formed a joint venture with Japan’s Mitsubishi to build a 2 million tonne per annum liquefied natural gas plant in Sulawesi.

The project is expected to cost about 1 billion dollar with Mitsubishi's share estimated at between 600 million dollar and 800 million dollar.

Construction will begin as early as 2007, with completion targeted in 2009. LNG produced at the facility will be shipped to Japan, reported Japanese daily Nihon Keizai Shimbun.

Three Japanese companies in the power and gas industry have already expressed interest in purchasing LNG from the new plant.