LONDON (Dow Jones Newswires), May 19, 2009
The ramp up of Russia's Sakhalin-2 liquefied natural gas project is now well ahead of schedule, with three times as many cargoes as planned shipped since start-up earlier this year, said Jeroen van der Veer, the chief executive of project developer Royal Dutch Shell PLC Tuesday.
Nine LNG cargoes have been shipped from the plant up to May 13, compared with an initial target of three, and there has been no unplanned downtime during the first 41 days of operation, he told shareholders at Shell's annual general meeting.
The second LNG production train at the plant, which will take it to full capacity of 9.6 million metric tons a year, will start up in a matter of months, he added.
Sakhalin-2 is in Russia's Far East, close to Japan. The bulk of the gas is contracted for delivery into Asia. Russian gas monopoly OAO Gazprom (GAZP.RS) holds 50% plus one share in the holding company Sakhalin Energy, Shell has 27.5%, Mitsui & Co. Ltd. (8031.TO) has 12.5% and Mitsubishi Corp. (8058.TO) 10%.
Copyright (c) 2009 Dow Jones & Company, Inc.
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