Italy’s ENI reaches agreement to buy stake in natural gas plant in Angola

3 April 2007

San Donato Milanese, Italy, 3 April – Italian oil company ENI said Monday it had reached an agreement via its subsidiary ENI Angola to buy a 13.6 percent stake in the project for construction of a liquid natural gas (LNG) plant in Angola.

The Italian oil company will buy 13.6 percent of the company that is going to build the plant, a project budgeted to cost US$4 billion and which will be shared by Sonangol, with 22 percent, Chevron with 36.4 percent and Total and BP, with 13.6 percent each.

The project, which has a license from the Angolan state for 28 years, will make it possible to process 220 billion cubic meters of gas in that time-frame the production of 128 million tons of LNG, 104 million barrels of condensates and 257 million barrels of LPG (liquid petroleum gas).

The LNG will be exported to the United States, to the Pascagoula regasification plant, on the Gulf of Mexico, where ENI will acquire a regasification capacity of 5 billion cubic meters per year. (macauhub)