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Marubeni Corporation has signed a sales and purchase agreement with SK Energy for the acquisition of 10% interest in the Peru LNG project. The project’s consortium already consists of US firm Hunt Oil Company, which holds a 50%, SK Energy of Korea who holds a 20% share and Spain’s Repsol YPF, which holds a 20% share.


Financing of this project is expected to be sourced from a variety of investors, including the Inter-American Development Bank, US Ex-Im, Export-Import Bank of Korea, Italian export credit agency Sace and IFC.


The project is being built on the west coast of Peru, a location that has a number of geographical advantages in that it can provide LNG products to the Latin American market, the west coast of the US as well as south-east Asia. Natural gas feedstock will be supplied from Camisea gas field and processed at the LNG plant in the Pampa Melchorita area, south of Peruvian capital Lima.


Chicago Bridge and Iron Company won the EPC contract for the project, and a single train LNG plant with a production capacity of 4.45mn tonnes per year is being constructed. LNG supply will commence in 2010 under a sale and purchase agreement with Repsol YPF.

Marubeni’s involvement in this LNG project follows its previous participation the current Qatari LNG project and the Equatoguinean project. It is also the first Japanese company to participate in LNG projects in North, South and Central America.