Australia approves US$1.1b Timor Sea methanol project<\/p>\n
The Australian government has given final approval for a A$2
\nbillion (US$1.1 billion) methanol project in the Timor Sea off
\nnorthern Australia, developers announced on Monday in Sydney.<\/p>\n
Methanol Australia said Environment Minister David Kemp had
\ngranted approval for the Tassie Shoal Methanol Project, which
\nwhen complete will produce 10,000 tons of methanol daily for
\nexport to Asia.<\/p>\n
The annual export sales revenue, at current methanol prices,
\nshould top A$1.2 billion.<\/p>\n
The project plans to produce methanol using gas from the
\nnearby Evans Shoal field owned by Shell, Santos and Osaka Gas.<\/p>\n
The first stage of the plant is due to be commissioned in late
\n2006, with the second expected in 2011.<\/p>\n
Methanol Australia said it expected to begin engineering and
\ndesign studies in May 2003 and would soon start negotiating
\ncommercial agreements.<\/p>\n
Engineering group Fluor Australia was appointed project
\nmanager, while Sumitomo Mitsui Banking Corp. was named financial
\nadviser.<\/p>\n
Methanol Australia said the Tassie Shoal Methanol Project was
\nthe first world scale commercial methanol production project to
\nreceive such environmental approval in Australia. -- AFP<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/australia-approves-us11b-timor-sea-methanol-project-1447893297",
"image": ""
},
"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
}