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FINANCIAL NEWS
Kuwait awaits Australian approval over LNG project
07 Apr 2011
(MENAFN) The Kuwait Foreign Petroleum Exploration Company (Kufpec) deputy managing director, Ali al Shammari, said that the company is waiting for a decision by the Australian government for approving Kufpec’s investment in the latest Australian liquefied natural gas (LNG) project that is worth USD20.6 billion, reported The National.
Al Shammari said that the Wheatstone LNG project near the Australian coast is scheduled to start in 2012, and the Kuwaiti government’s overseas oil and gas investment arm partnered with US-based Apache to submit interest in the Australian project.
Al Shammari said that Australia has great geological potential and thus the company is very interested in its LNG project.
It is worth noting that plans are for Wheatstone LNG project to have a production capacity of 15 million tons of the super-chilled fuel per year once completed.
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