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Woodside earmarks Pluto launch funds
By Upstream staff
Australia's Woodside Petroleum has approved an initial A$1.4 billion (US$1.1 billion) investment to develop the Pluto liquefied natural gas project in Western Australia, pending a final investment decision by mid-2007.
The preliminary commitment will allow contractors to start preparing the site for the project, as well as covering the procurement of long lead time items ahead of Woodside's final decision, the company said.
However, the full investment of the amount would depend on whether the company ultimately gave the project the go-ahead.
The Pluto project is due to start supplying LNG to Kansai Electric and Tokyo Gas by the end of 2010.
Woodside said the decision was made following negotiations with State officials over future domestic gas policy.
The company said work on preparing the site would begin once Australian environmental regulators gave their approval.
Friday, 08 December, 2006, 00:00 GMT | last updated: Friday, 08 December, 2006, 05:52 GMT
