BP ups stake in Indonesian LNG plant

BP, the British-owned oil giant, has acquired a further 3.06% stake in an Indonesian LNG plant from Spanish operator Repsol for $113m (£89m).

The deal raises operator BP’s stake in the plant just over 40%. The Tangguh plant processes 7.6 million tonnes of LNG a year.

BP gave the go-ahead for the $8 billion expansion of Tangguh’s third LNG train. Repsol has said the transaction will generate $26m in pre-tax capital gains.

Meanwhile, State-run Japan Oil, Gas and Metals National Corp (JOGMEC) has bought liquefied petroleum gas (LPG) for storage in its national reserves via a tender.

JOGMEC wanted 23,000 to 24,150 tonnes of propane for a stockpiling base in Kurashiki in western Japan for delivery until Jan. 31.

Separately, JOGMEC is also seeking 23,000 to 24,150 tonnes of propane for a stockpiling base in Kurashiki in western Japan for delivery until March 15. The tender will be held on Jan. 19, with offers to be evaluated the same day.


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