Exxon Mobil Corporation (ticker: XOM, exchange: New York Stock Exchange (.N))
News Release -
ExxonMobil/Qatar Petroleum Announce North Adriatic LNG Terminal Agreements and RasGas/Edison Gas Sign Amended Sales and Purchase Agreements
IRVING, Texas, Nov 20, 2003 (BUSINESS WIRE) -- Exxon Mobil
Corporation (NYSE:XOM) and Qatar Petroleum (QP) announced today their
acquisition of a 90 percent interest in the Edison Gas North Adriatic
Liquefied Natural Gas (LNG) Terminal Project. Also, Ras Laffan
Liquefied Natural Gas Company Limited II (RasGas II) and Edison Gas
S.p.A. of Italy signed amended Sale and Purchase Agreements to
increase LNG supplies from the initially agreed level of 3.5 million
tons annually (MTA) to 4.7 MTA of LNG, commencing in 2007.
The North Adriatic LNG Terminal will be located offshore of the
northern coast of Italy. The Terminal Agreements provide for a 90
percent interest for Qatar Petroleum and ExxonMobil, while Edison Gas
S.p.A. will maintain a 10 percent share. QP and ExxonMobil's shares
will be equally divided between the two companies, which will each own
a 45 percent share of the terminal equity.
The agreements cover the development of an offshore gasification
facility utilizing the most advanced technologies. Startup is
scheduled for 2007 and it is anticipated that the front-end
engineering and design contract (FEED) for the terminal should be
signed within the next few weeks.
The North Adriatic LNG Terminal is expected to provide the Italian
energy sector with the most modern state-of-the-art terminal
facilities and to support the Italian government's efforts to secure
the country's increasing energy demands in the long-term.
The gas for this project will be sourced from Qatar's giant North
Field, which has recoverable resources of more than 900 trillion cubic
feet of gas.
CAUTIONARY STATEMENT: Estimates, expectations, and business plans
in this release are forward-looking statements. Actual future results,
including resource recoveries, production rates, and project plans and
schedules, could differ materially due to changes in market conditions
affecting the oil and gas industry, political developments, technical
or operating factors, and other factors discussed under the heading
"Factors Affecting Future Results" included in Item 1 of ExxonMobil's
most recent Form 10-K and posted on our website (www.exxonmobil.com).
SOURCE: Exxon Mobil Corporation
Bob Davis, 713-656-7544
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