Clough Curtain JV Clinches Funding for PNG LNG

Engineering and construction company Clough Limited announced that, as a result of the Final Investment Decision to proceed with the PNG LNG Project, funding has been released to allow the Clough Curtain Joint Venture to proceed with executing the full scope for the Upstream Infrastructure contract awarded on May 1, 2009.

Total value of the work to be performed by CCJV will be approximately A$650 million.

The PNG LNG Project is an integrated development that includes gas production and processing facilities, onshore and offshore pipelines and liquefaction facilities. Participating interests are affiliates of ExxonMobil Corp. (including Esso Highlands Limited as operator, 33.2 percent), Oil Search Limited (29 percent), Independent Public Business Corporation (PNG Government, 16.6 percent), Santos Limited (13.5 percent), Nippon Oil Exploration (4.7 percent), Mineral Resources Development Company (PNG landowners, 2.8 percent) and Petromin PNG Holdings Limited (0.2 percent).