Train 2, which is co-owned by PETRONAS, BG Group, Egyptian General Petroleum Corporation (EGPC) and Egyptian Natural Gas Holding Company (EGAS), is scheduled to start commercial operations in 2006. The buyer of the output, BG Gas Marketing, intends to initially supply the LNG to the US market.
With the signing of the SPA, which took place in Cairo, the entire LNG production output from both Train 1 and 2 of the ELNG Project has been committed to buyers. Late last year, a SPA was signed for the sale of the 3.6 MTPA production output of Train 1 to Gaz de France. Train 1, whose owners are PETRONAS, BG Group, EGPC, EGAS and Gaz de France, is slated to come on stream in the second half of 2005.
The US$1.9 billion ELNG Project comprises the development and operation of the LNG liquefaction plant and related infrastructure at Idku, approximately 50 kilometres east of Alexandria. Construction of Train 1 and common facilities is already under way. Initial work on Train 2 has also started. The LNG plant is being designed to accommodate up to six trains, reflecting the substantial upstream resource and future potential for LNG sales into the Atlantic Basin. It is also designed to allow other gas producers in Egypt to invest in future LNG export trains without having to replicate supporting infrastructure and facilities.
PETRONAS in April bought a 35.5 per cent interest in the ELNG Project, strongly positioning itself as one of the leading players in the global LNG industry. PETRONAS also bought a 50 per cent interest and joint operatorship of the West Delta Deep Marine (WDDM) Concession, whose gas production is already being supplied to Egypt’s fast growing domestic market and later on to the ELNG Project.
The upstream assets in the WDDM Concession include 13.6 trillion cubic feet (TCF) of 2P gas reserves in nine discovered fields, giving PETRONAS 6.8 TCF of net 2P reserves with its 50 per cent equity in the concession. The remaining 50 per cent interest and joint operatorship of the Concession is held by BG Group.
The Egyptian LNG Holding Company will own both the ELNG Project site and common facilities, while an operating company will undertake the operations of all trains.
The shareholding structures of the holding company, operating company and train companies are as follows:
 | Holding & Operating Cos | Train 1 Co | Train 2 Co |
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