EG LNG Officially Launched

Friday, October 19, 2007

Equatorial Guinea’s EG LNG project was officially launched in the country’s capital of Malabo, five months after the first cargo left the country. The launch was attended by Presidents Umaru Yar`adua of Nigeria, John Kufour of Ghana, and Fradique de Menezes of Sao Tome and Principe.

EG LNG is a 3.4 million ton per annum capacity LNG plant located on the northwest side of Bioko Island at Punta Europa.

Ken Woodworth, EG LNG managing director said at the launch that the plant was completed six months ahead of schedule and within budget. He said that with Train-1 in place, the company would supply 3.4 million tons of LNG per annum to BG Gas Marketing Ltd. for the next 17 years. “It is our hope that this train will be a catalyst for the development of future trains for EG LNG, further raising Equatorial Guinea‘s standing among the world’s LNG producing countries,” Woodworth said.  

The gas for Train-1 is sourced from the Alba field in Equatorial Guinea. A second train is currently being considered which will rely on gas being transported from Cameroon and Nigeria.

Shareholders of EG LNG are Marathon with 60% equity shares, Equatorial Guinea‘s Sonagas, 25%, Japan‘s Mitsui Co (8031.TO) 8.5% and Marubeni Gas Development Co, a wholly owned subsidiary of Marubeni Corporation of Japan (MARUY), 6.5%.

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