Clough wins $258MM contract to build the PNG LNG jetty

By Phaedra Friend Troy

Australian engineering firm Clough Limited (ASX:CLO) has been awarded a Letter of Intent for the design and construction of the PNG LNG project.

The BAM Clough joint venture has received an LOI from the Chiyoda JGC JV to move forward with the design and construction of the LNG and condensate jetty for the liquefied natural gas project in Papua New Guinea.

Valued at $258 million, the contract includes the engineering, procurement and planning work for the PNG LNG project, which already began under a separate advanced work order.

The PNG LNG project involves gas production and processing facilities located in the Southern Highlands and Western Provinces of Papua New Guinea. The project will include a 6.6 million-ton-per-year liquefaction and storage facilities, as well as 450 miles of pipelines to connect the facilities.

Expected to produce more than 9 trillion cubic feet of natural gas, LNG from the PNG LNG project is being marketed to Asia.

For an overall anticipated investment of $15 billion, project partners ExxonMobil (NYSE:XOM), Oil Search, Kroton No. 2, Santos, JX Nippon, Eda Oil and Mineral Resources Development Company expect to deliver first LNG by 2014.

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