The New York Stock Exchange-listed energy company InterOil and Pacific LNG have signed a third sales contract for their planned $US7 billion liquefied natural gas project in Papua New Guinea, this time with ENN Energy Trading Co. ENN, a gas distributor in China, agreed to buy between 1 million and 1.5 million tonnes a year of LNG for 15 years from the Gulf LNG project, starting in 2015. The non-binding agreement provides ENN with exclusive rights over the LNG while a contract is negotiated and signed, which is expected by the first quarter of 2012.

Angela Macdonald-Smith