ConocoPhillips and Essent Energie Planning New Netherlands LNG Terminal Construction

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Researched by Industrialinfo.com (Industrial Information Resources, Incorporated; Houston, Texas). ConocoPhillips (NYSE:COP) (Houston, Texas) and Essent Energie BV (Arnhem, Netherlands) have signed a Memorandum of Understanding to study the feasibility of constructing a new LNG receiving and re-gasification terminal in the Netherlands. The proposed LNG terminal would be located on a 100 acre site at the Port of Eemshaven, which the joint venture companies have already executed a land option agreement with Groningen Seaports.

The proposed LNG terminal will have a daily LNG re-gasification capacity of between 700 million cubic feet per day and 1 billion cubic feet per day at an estimated capital of approximately $550 million. The companies expect to complete the initial study by the end of 2005. A positive result of that study will result in the companies initiating the detailed design phase and proceed to a final investment decision some time in 2007.

All things considered, construction on the proposed LNG receiving terminal could begin as early as the third quarter of 2007. Completion and commissioning would follow some time in 2010.

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