No stopping them..
EWC to top up East Java gas needs
Monday, 10 October 2011
ENERGY World Corporation is set to develop an LNG import terminal in East Java, similar to the terminal it is developing in the Philippines.
EWC has signed a memorandum of understanding with the provincial government of East Java to develop the terminal and associated regasification and marine facilities capable of processing up to 3 million tonnes of LNG per annum.
East Java is reportedly short of gas for around 3MMtpa.
Phase two of the development would see EWC incorporate a gas-fired power station and further expand the terminal’s import facilities.
EWC said the LNG supplies for the terminal would be sourced from its planned liquefaction facilities in Indonesia and Australia as well as other third party supply sources if required.
It said the provincial government would help in land provision and acquisition, licensing and other required approvals for the development.
The terminal is expected to be constructed over an 18-24 month period once land and all approvals have been obtained.
In other news, EWC has decided to remove its listing on the New Zealand Stock Exchange.
It said the costs of the secondary listing were not justified given that only eight shareholders were listed on the exchange.
EWC will be delisted from the NZX on October 12, with the shareholdings of the existing shareholders transferred to the ASX the same day.