State-run CPC Corp, Taiwan (CPC, 台灣中油) plans to expand its procurement and investment in US natural gas as part of Taipei’s tariff negotiations with Washington, chairman Fang Jeng-zen (方振仁) said on Thursday last week.
CPC signed a letter of intent with Alaska Gasline Development Corp (AGDC) in March last year, aiming to buy liquefied natural gas (LNG) and invest in its Alaska LNG project.
After receiving the project developer’s front-end engineering design report and completing an assessment in the first half of this year, CPC plans to increase its annual LNG purchases from the US by as much as 6 million tonnes, Fang told a news conference in Taipei.
Photo courtesy of CPC Corp, Taiwan
The move would raise the share of US LNG in CPC’s total natural gas imports to 33 percent to 35 percent from 10 percent, ahead of two other major LNG supply sources Qatar and Australia, he said.
Procurement of Alaska LNG would gradually increase yearly, with shipments likely to begin as early as 2032, he said, citing the developer’s projection.
The Alaska LNG project is jointly promoted by AGDC and major developer Glenfarne Group LLC, CPC said.
It involves constructing a pipeline to transport natural gas from Alaska’s North Slope and the construction of a liquefaction facility, with total investment costing up to US$44 billion, it said.
In addition to gas procurement, CPC is also seeking to acquire a stake in the project, Fang said, adding that the company has not yet set an investment target, as it depends on further negotiations.
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