ConocoPhillips and Mitsubishi Enter Into a Joint Development Agreement for LNG Import Terminal

abarrelfullabarrelfull wrote on 11 May 2012 08:39

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May 17, 2005

ConocoPhillips [NYSE:COP] today announced that it has entered into a Joint Development Agreement with Mitsubishi Corporation's wholly owned subsidiary, Sound Energy Solutions (SES), to formally join in the development of a proposed liquefied natural gas (LNG) import terminal in the Port of Long Beach, California.

The proposed terminal would have the capacity to import approximately 5 million tons of LNG per year. The terminal would be capable of supplying clean-burning vehicle-grade LNG to the local transportation market, including terminal tractors in the Ports of Long Beach and Los Angeles to assist in improving the port area air quality.

"Combining the skills, assets, and long histories of both Mitsubishi and ConocoPhillips in the LNG business will allow us to provide the City of Long Beach and the state of California with a state-of-the-art facility that will help clean the air and provide stability in the natural gas market," said Tom Giles, President, SES Terminal LLC.

“The SES terminal would help strengthen the company’s portfolio of natural gas projects around the world,” said ConocoPhillips’ Rick Hernandez, Executive Vice President, SES Terminal LLC. “ConocoPhillips looks forward to building on our long-standing relationship with Mitsubishi through this collaboration on the SES terminal. We will work together to broaden our relationships within the local community and those built by our Los Angeles Refinery.”

ConocoPhillips and SES will establish an equally-owned joint venture company, SES Terminal LLC. The partners expect a final investment decision to construct the terminal in the first half of 2006 after obtaining all necessary state and federal approvals and permits. The terminal is expected to be completed in 2009.

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