FLEX LNG LTD and Mitsubishi Corporation Update on Progress LNG

Source: www.gulfoilandgas.com 12/23/2008, Location: Africa

FLEX LNG LTD (FLEX LNG) and Mitsubishi Corporation (MC) have since June 2008 worked closely to develop the Progress LNG project together with Peak Petroleum Industries LTD of Nigeria and have during the month of November received approval from the Nigerian Department of Petroleum Resources for a floating LNG plant. The parties previously anticipated that they would be able to reach Final Investment Decision (FID) by the end of December 2008, however, owing to the complicated nature of structuring the world's first floating liquefaction project, FLEX and MC have agreed to review the time line while continuing to work together closely on FLNG projects.

FLEX and MC are pleased to communicate that the two companies are in strategic discussions regarding various other small scale LNG development opportunities where FLEX floating LNG would offer a viable solution for the commercialization of gas resources.

When commenting on the discussions to increase the strategic cooperation between the two companies, Chief Executive Officer of FLEX LNG, Philip Fjeld stated: “We believe that in a challenging financial and commodity market environment the competitive cost advantage provided by the FLEX LNG floating LNG solution takes on a position of even greater importance. In an industry, which is known for being capital intensive it is essential to have strong partners that share our long-term vision with regard to advantages of the FLEX solution. We are excited about the prospects of expanding our already strong relationship with MC.

When commenting on the discussions, General Manager, New Business Development Unit of Mitsubishi Corporation, Kazuyuki Mori stated: “We are pleased to have this opportunity to expand our relationship with FLEX LNG. Mitsubishi Corporation has an expectation in the potential of floating LNG, which we believe is an economically and technically viable solution to boost the development of stranded gas resources across the world and we are delighted to have a company of FLEX LNG’s stature as our strategic partner in this endeavour.”


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