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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Atlantic Coal | LSE:ATC | London | Ordinary Share | GB00B142G994 | ORD 0.07P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.09 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
RNS No 1703e ATLANTIC RICHFIELD CO 27th August 1998 ARCO Chairman Meets With Indonesia's President to Discuss Maintaining Indonesia's No1 LNG Marketing Position, New Investments and Domestic Fuel Switching Opportunity JAKARTA, Indonesia, Aug. 27/ PRNewswire/ -- ARCO's Chairman and Chief Executive Officer Mike R. Bowlin met with Indonesian President B.J. Habibie to discuss progress on achieving timely startup of the multi-billion dollar Tangguh liquefied natural gas (LNG) project in the eastern Indonesian province of Iriah Jaya. Tangguh has 14.4 trillion cubic feet (TCF) of proved natural gas reserves, with a total of 21.3 TCF when probable and possible reserves are included. Development of the LNG project will involve a US $4 billion investment on the part of ARCO and its partners, including Indonesia's national oil and gas company, Pertamina. President Habibie and Bowlin discussed the significance of the Tangguh project and the exciting opportunities it creates for Indonesia. Bowlin noted, "Tangguh is the key to preserving Indonesia's position as the world's leading LNG supplier and a major future source of foreign exchange for the country. It will also lead to considerable infrastructure and community development in Irian Jaya, creating 8,000 jobs during construction and 1,000 operating jobs after startup. "The development of Tangguh is also very timely as it will allow Indonesia to extend the expiring LNG contracts it has today. With Tangguh, Indonesia will significantly increase its reserves of marketable LNG for the Asia-Pacific market," Bowlin added. The competitive strengths of Tangguh in the Asia-Pacific LNG market are based on a number of factors. These include: security of supply afforded by three LNG centers in Indonesia, favorable transportation routes, and the backing of 14.4 TCF of proved reserves; the high quality of Tangguh gas which is low in both carbon dioxide and sulfur; and proximity of supply to major markets throughout the region. Together, these factors provide best-in-class development cost advantages that translate into competitive terms in the marketplace. Commenting on the recent US $3.3 billion acquisition of Union Texas Petroleum (UTP) and its relationship with Tangguh, Bowlin said: "The acquisition expands both ARCO's LNG expertise and gas holdings, making ARCO the premier gas company in Indonesia based on capabilities, reserves and production. The timing of the acquisition is also significant in that it reflects our continued and commitment to Indonesia at a time when the country has severe economic difficulties." In addressing other energy issues of importance to Indonesia, Bowlin cited the opportunity for cost-effective fuel substitution. Currently, Indonesia imports significant volumes of crude oil products, including 70,000 barrels per day of diesel fuel. Fuel substitution could conserve Indonesia's precious foreign exchange reserves. "By switching power generators and industrial users from imported diesel fuel to domestic natural gas, Indonesia could realize savings ranging from US$100-200 million annually," Bowlin stated. "In addition, domestic natural gas utilization is environmentally friendly." ARCO,which has been operating in Indonesia for the past 30 years, is Indonesia's largest natural gas producer for the domestic market. ARCO operated properties supply two-thirds of Java's natural gas needs. ARCO has also consolidated its position as a leading developer of natural gas in the Asia-Pacific region through existing production in Indonesia and the South China Sea, vast gas reserves on the North Slope of Alaska, the UTP acquisition, and the recent partnership with Triton Energy in Thailand and Malaysian. For additional information, contact: Albert Greenstein 213-486-3384. For a menu of ARCO news releases or to retrieve a specific release, visit our Website at http://www.arco.com on the Internet. END MSCPBURURBGRGWM
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