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Total agreed with the Papua New Guinea government to proceed with a LNG project in the country

May 07/2021

MOSCOW (MRC) -- French energy group Total said it had agreed with the Papua New Guinea government to proceed with a LNG project in the country, which had been delayed due to the pandemic, with a final investment decision due in 2023, said Hydrocarbonprocessing.

Total added in a statement on Wednesday that it would re-mobilise teams involved in the project. "I am honoured to welcome the Deputy Prime Minister of Papua New Guinea in our head-offices in Paris to review the Papua LNG implementation plan. This is indeed a very strong signal of the dedication of the PNG government to the success of this key project," said Total Chairman and CEO Patrick Pouyanne.

Total and its partners ExxonMobil Corp and Oil Search Ltd had initially planned to develop Papua LNG in tandem with an expansion of Exxon"s PNG LNG in a USD13 billion project adding three new production units at the PNG LNG plant, to help save billions of dollars.

However, Exxon has not agreed to terms sought by the Papua New Guinea government for the P"nyang gas development that was going to help feed the expansion, as Papua New Guinea Prime Minister James Marape pushed for bigger benefits for the country from the deal.

Instead, Total"s Papua LNG project will go ahead with two new production units to be built at the PNG LNG site, fed by the Elk Antelope gas fields, said Marape in February.

As per MRC, Total Petrochemicals and Refining USA raised polystyrene (PS) prices by 15 cents per pound (USD331 per tonne), the company said in a letter to customers.

According to the ICIS-MRC Price Report, the Nizhnekamskneftekhim plant will leave the selling prices of high-impact polystyrene (HPS / M) and general-purpose polystyrene (PSS / M) in May at the level of April, according to reports from several major market players. Thus, the price quotation of the Nizhnekamsk PSS / M will remain at the level of Rb192,000-203,000/tonne, and HIPS will be offered, as in the current month, at Rb196,000-207,000/tonne, CPT Moscow, VAT included. The Penoplex plant will reduce the cost of the May volumes of GPSSby Rb15,000/tonne.
Author:Anna Larionova
Tags:petroleum products, crude oil, PP, PS, PE, neftegaz, petrochemistry, Total Petrochemicals.
Category:General News
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