JapanCorp.Net: Mitsui Acquires Stake in Altamira LNG Terminal Project: “Tokyo (JCNN) - Shell Gas B.V. and Mitsui have announced that Mitsui will acquire a 25% equity participation in the LNG terminal in Altamira, Mexico, which is currently owned by Shell (75%) and Total (25%). (ShellNews.net) 8 Nov 04

By Dale Hug, JCNN

Nov 8, 2004  

Tokyo (JCNN) - Shell Gas B.V. and Mitsui (TSE: 8031) have announced that Mitsui will acquire a 25% equity participation in the LNG terminal in Altamira, Mexico, which is currently owned by Shell (75%) and Total (25%).

The transaction is subject only to approval of the Mexican authorities. Upon completion of the transaction, the equity interests in the LNG terminal will be Shell 50%, Mitsui 25% and Total 25%.

All of the terminal regasification capacity continues to be contracted to a separate marketing company owned by Shell (75%) and Total (25%). Last year Comision Federal de Electricidad (CFE) awarded this marketing company a contract to supply 5 billion cubic metres of regasified LNG per annum (equivalent to 3.6 million tonnes of LNG per year (mtpa)) for 15 years starting in October 2006.

The Shell led project will be the first new LNG regasification terminal built in North America for over 20 years and is expected to start operations in the fourth quarter of 2006. Depending on the growth in demand for natural gas in North East Mexico, the terminal could be expanded to 10 mtpa.

The terminal will consist of two LNG storage tanks of 150,000 m3 and will be able to accommodate ships of up to 200,000 m3 in size. The initial send-out capacity of the terminal will be 0.5 billion cubic feet per day (Bcf/d) (equivalent to 3.6 mtpa). Construction began in 2003.

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