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. Australia's Santos, Apache in 1.3 billion gas deal with Citic

by Staff Writers
Sydney (AFP) Jan 7, 2009
Australian energy company Santos Wednesday said it and joint venture partner Apache had signed a contract worth an estimated 1.3 billion US dollars to supply natural gas to a Citic Pacific project.

Santos said the gas would be delivered to Citic's Sino Iron magnetite mining development in Western Australia from the offshore Reindeer gas field off the state's resource-rich Pilbara coast.

It would travel to the under-construction Sino Iron project via a pipeline and gas processing facility at Devil Creek.

"We are pleased we were able to sign this new gas sales contract with CITIC Pacific," Santos chief executive David Knox said in a statement.

"The Reindeer field and Devil Creek facility represent important steps in bringing a significant new source of gas supply into the rapidly growing Western Australian market."

Under the contract, the Reindeer field will supply gas to the Sino Iron project over seven years commencing in late 2011.

Santos, which has a 45 percent interest in Reindeer field and Devil Creek, estimates its net share will be some 585 million US dollars over the seven years. Apache Northwest Pty Ltd holds the remaining 55 percent stake in the venture.

Hong Kong-based investment firm Citic Pacific has interests ranging from steel to property. Its parent company is Citic Group, a state-run Chinese firm.

- Dow Jones Newswires contributed to this story -

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