Chinese Petroleum Corp (
Chinese Petroleum Chairman Chen Chao-wei (
Mitsubishi Heavy maintains that the leaks are minimal and has suggested the dispute be resolved by international arbitration.
The project was part of the expansion of Chinese Petroleum's Yungan LNG terminal in Kaohsiung County, south Taiwan.
The terminal stores the LNG Chinese Petroleum buys from Indonesia and Malaysia.
Mitsubishi Heavy began building three LNG storage tanks for Chinese Petroleum in 1991.
Each tank can store 130,000 cubic meters of LNG.
Construction was scheduled to be finished in 1996, but when construction was over, Chinese Petroleum refused to accept the tanks because they leaked LNG, posing a safety hazard to nearby residents.
The dispute could mean Mitsubishi Heavy's investment in the Tung Ting Gas Corp (東鼎液化瓦斯), made in that hope that the Taiwan firm would win the NT$395 billion contract to supply a LNG-fired power station in northern Taiwan, may have been in vain, according to the reports.
Tung Ting Gas is a joint venture of China Development Industrial Bank (
Bidding for the 25-year contract to supply the Tatan (
Due to what industry experts said were unreasonable conditions for the contract, the last round of bidding failed due to a lack of interest.
Tung Ting, which began as a subsidiary of the financially troubled Tuntex Group (東帝士集團) but now operates as a an autonomous entity, hopes to win the contract to supply the Tatan station and northern Taiwan via a planned 80 hector liquified natural gas receiving terminal in Taoyuan.
The terminal will be located within the Kuantang (
The project will cost an estimated NT$100 billion, with the first stage expected to be completed by 2004.
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