ConocoPhillips, Mitsubishi To Construct LNG Terminal

ConocoPhillips and Mitsubishi Corporation announced that it has entered into a Joint Development Agreement, to formally join in the development of a proposed liquefied natural gas (LNG) import terminal in the Port of Long Beach, California, Venezuela?s news portal Petroleumworld.com reported.

The proposed terminal would have the capacity to import approximately 5 million tons of LNG per year. The terminal would be capable of supplying clean-burning vehicle-grade LNG to the local transportation market, including terminal tractors in the Ports of Long Beach and Los Angeles to assist in improving the port area air quality.

?The SES terminal would help strengthen the company?s portfolio of natural gas projects around the world,? said ConocoPhillips? Rick Hernandez, Executive Vice President, SES Terminal LLC
?ConocoPhillips looks forward to building on our long-standing relationship with Mitsubishi through this collaboration on the SES terminal.?

The terminal is expected to be completed in 2009.