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Reuters: Exxon buys LNG to chill quake-hit Papua New Guinea project

Published 03/19/2018, 11:57 AM
© Reuters.  Reuters: Exxon buys LNG to chill quake-hit Papua New Guinea project
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  • Exxon Mobil (XOM -0.8%) has bought a liquefied natural gas cargo to keep its Papua New Guinea plant cold after production was halted since last month due to an earthquake, Reuters reports.
  • Traders tell Reuters that the cool-down cargo could be a first step toward restarting LNG production at the facility ahead of schedule or it simply may be needed to maintain operational readiness.
  • Stopping the liquefaction process which condenses gas into a liquid at -162 degrees Celsius causes LNG plants to warm up, requiring cargoes to be imported to keep cryogenic tanks and equipment operational.
  • Now read: It's The Best Time In 22 Years To Buy This High-Yield Dividend Aristocrat


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