BP Increases Stake In Tangguh Gas Project

09-Jul-2001
BP announced today that it has acquired Cairns Limited for a lump sum of $107 million and a deferred share of future profits from the Tangguh field. Cairns, a subsidiary of Genting Berhad of Malaysia, holds a 9.7 per cent stake in the Tangguh LNG project. Bill Schrader, BP Associate President, Indonesia said today, "This is a very good strategic acquisition which will increase BP's share of Tangguh to about 50 per cent and reflects our confidence in the development. Tangguh offers a new 'grass roots' project and it will be a long-term competitive supply source which will help meet rising demand in the region. The marketing of Tangguh is going very well and there is great interest in the markets of the Far East, particularly China, Japan and Korea."

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