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4Gas and Keltic Petrochemicals Inc. to Advance Nova Scotia LNG Terminal

Petrochemical industry | 20 Dec 2005 IST | Polymerupdate.com
4Gas to Operate all LNG activities of Petroplus International B.V. as a Separate Entity Dedicated to LNG

ROTTERDAM, The Netherlands, HALIFAX, NS, Canada, Dec. 19 /CNW/ - Today,Petroplus International B.V., and Keltic Petrochemicals Inc. announced the signing of a Memorandum of Understanding ("MOU") to advance development of the liquefied natural gas ("LNG") project at Goldboro, Nova Scotia (the "NovaScotia Project"). This project, which has been under development for five years, will serve the substantial Canadian and US gas markets.

As part of the new strategy of Petroplus, all the LNG activities of Petroplus will be operated on a stand-alone basis with a management team dedicated entirely to LNG and power in a new entity called "4Gas". This company will focus on developing and operating LNG terminals around the world. The step to invest in the Keltic project fits perfectly in the Atlantic Basin
strategy of 4Gas. 4Gas expects to have further projects in the Atlantic Basin, as well as in Europe, and potentially in Asia in the future. 4Gas will also include the Dragon LNG project in Milford Haven, Wales (http://www.dragonlng.co.uk), and the LionGas project in Rotterdam, The
Netherlands (http://www.liongas.nl/en) that are currently under development. Dragon LNG is expected to be operational in 2007, LionGas in 2009. The Nova Scotia project is also scheduled to be operational in 2009. The development of 4Gas complements the strategy of The Carlyle Group and Riverstone Holdings, LLC who will be major shareholders in 4Gas through their investment in RIVR Acquisition B.V., which is also the holding company of Petroplus. 4Gas will be managed by Mr. Paul van Poecke, who will be the CEO of 4Gas.

The Nova Scotia Project will include three (3) LNG storage tanks with a gross capacity of 160,000 m3 each, providing a sendout capacity of 1.0 bcf/d (10.34 bcm/a). The site has sufficient space and utilities available to add three (3) additional tanks for an increased total sendout capacity of 2.0 bcf/d (20.67 bcm/a). The Goldboro site will be designed to receive LNG Carriers (LNGC~s) with capacities ranging from 75,000 m3 to the largest
planned LNGC~s (250,000 m3).

The Project~s re-gasification terminal is to be located adjacent to the Maritimes and Northeast Pipeline intake station at the Sable Island Gas Plant at Goldboro. The LNG terminal will be configured to support and supply necessary feedstock for Keltic~s development of a world scale petrochemical complex on an adjacent site (www.kelticpetrochemicals.ca).

About Keltic

Keltic Petrochemicals Inc. was formed in March 2000 by W. Kevin Dunn, a native Nova Scotian and long-time Calgary area businessman. Mr. Dunn witnessed the unprecedented growth in Alberta as a result of developments in the oil and gas industry and recognized the potential for similar opportunities in his home province. Keltic~s plan to develop, construct, and operate a world scale petrochemical plant in Goldboro, Nova Scotia, will be the first of its kind in Atlantic Canada. When completed, the facility will consist of ethylene, polyethylene, propylene and polypropylene plants as well as a supporting cogeneration plant and receiving terminal for LNG.


About Petroplus

In 2000 Petroplus developed its first LNG activities in the United Kingdom which resulted in the establishment of Dragon LNG, a special purpose company. This company currently builds an import, storage and re-gasification terminal for LNG in Milford Haven, Wales, with an initial capacity of 6 bcm/a. In 2004, BG Group (successor to former British Gas) and Petronas of Malaysia
became active shareholders in Dragon LNG. They have booked all of the terminals~ capacity and will supply the terminal with LNG when the terminal
becomes operational at the end of 2007.

In 2002 Petroplus initiated the development of LionGas LNG, in Rotterdam, The Netherlands, with an initial capacity of at least 6-9 bcm/a with a phased expansion to 18 bcm/a. LionGas is expected to be operational before the winter
of 2009-2010.

Petroplus International BV ("Petroplus") was established in 1993 and has since developed into a leading player in the European midstream oil market. The midstream sector encompasses refining, marketing (wholesale & bunkering) and logistics (tank storage).

Petroplus is the owner of refineries in Antwerp (Belgium), Cressier (Switzerland) and Teesside (United Kingdom) with a total capacity of 240,000 barrels per day. Petroplus has a sales volume of oil products in excess of 20 million tonnes a year and a storage capacity of almost 5 million cubic metres throughout Western Europe. Petroplus, with its head office in Rotterdam and a regional head office in Zug, has branch offices in more than 20 countries and
employs more than 900 people.

In 1998 Petroplus was listed on the Official Market of Euronext Amsterdam NV. In 2005, following a successful public offer on all outstanding shares of Petroplus by the two founders of Petroplus and by funds affiliated with The Carlyle Group, a global private equity firm with expertise among others in the oil and gas sectors, Petroplus re-acquired a private status with limited liability. The Carlyle Group and Riverstone Holdings, LLC are majority shareholders in RIVR, which owns all of the shares in Petroplus.
Visit Petroplus~ website at www.petroplusinternational.com
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