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isin: GB0000566504
share code: BIL
BHP Billiton today announced it had signed, together with the other participants
in the North West Shelf (NWS) Venture, further agreements with a related entity
of the China National Offshore Oil Corporation (CNOOC) with regard to the equity
participation by CNOOC in the North West Shelf Project. The agreements give
effect to the key terms agreed with CNOOC in October 2002 and follow on from the
sale and purchase agreements to supply gas to China"s Guangdong liquefied
natural gas (LNG) project.
Under the equity agreements, CNOOC will purchase an interest in a new joint
venture that is being established within the NWS Project to supply LNG to the
Guangdong LNG Project in China. It will acquire title to a proportion of North
West Shelf gas reserves and rights to process its gas and associated liquefied
petroleum gas and condensate through North West Shelf Venture offshore and
onshore infrastructure. CNOOC will participate with a 25% share in the new joint
venture, the "China LNG Joint Venture" and each of the six original NWS
participants will hold 12.5%.
Subject to anticipated completion of regulatory and other approvals later this
year, CNOOC, will pay each of the six NWS Venture participants about US$58
million for its interest in the NWS Project titles. This interest represents
about 5.3% of current NWS Project gas reserves.
CNOOC will also pay a tariff to the NWS Venture participants for access to the
processing infrastructure.
The transaction does not include equity in, or access to, oil reserves or oil
production facilities.
Last October, Sale and Purchase Agreements were signed between the NWS Venture
participants and the companies comprising the Guangdong LNG Project, including
CNOOC, for the purchase and supply of approximately 3.3 million tonnes of LNG
per year to Phase One of the project, China"s first LNG import project which
will be located in the country"s fastest growing Province.
Further information on BHP Billiton can be found on our Internet site:
http://www.bhpbilliton.com
Australia United Kingdom
Andrew Nairn, Investor Relations Mark Lidiard, Investor & Media
Tel: +61 3 9609 3952 Mobile: +61 Relations
408 313 259 Tel: +44 20 7802 4156
email: email: Mark.Lidiard@bhpbilliton.com
Andrew.W.Nairn@bhpbilliton.com
Tracey Whitehead, Media Relations Ariane Gentil, Media Relations
Tel: +61 3 9609 4202 Mobile: +61 Tel: +44 20 7802 4177
419 404 978 email: Ariane.Gentil@bhpbilliton.com
email:
Tracey.Whitehead@bhpbilliton.com
United States South Africa Michael Campbell, Investor
Francis McAllister, Investor & Media Relations
Relations Tel: +27 11 376 3360 Mobile: +27 82
Tel: +1 713 961 8625 Mobile: +1 458 2587
713 480 3699 email:
email: Michael.J.Campbell@bhpbilliton.com
Francis.R.McAllister@bhpbilliton.c
om
Date: 16/05/2003 08:03:24 AM Supplied by www.sharenet.co.za
Produced by the JSE SENS Department
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