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Origin Energy Eyes Multi-Billion Dollar LNG Plant

By Dr. Cameron ChaiAug 25 2010

Origin Energy (ASX:ORG) wishes to build a multi-billion dollar LNG plant with partner ConocoPhillips. The liquefied natural gas plant is one of almost a dozen scheduled to start up in Australia by the year 2016.

The $35 billion Asia Pacific LNG joint venture will help Origin Energy catch up with close rivals BG Group and Santos.

The Chief Executive of Origin Energy, Grant King said that now it was time to start consolidation talks. He also announced a 10% increase in full year underlying profits to $585 million. A strong profit growth is also forecast for the year ahead.

Grant King said that they hoped to sign up a buyer and make a final investment decision with the board by the end of the year. The company was confident of securing a buyer as Asia's energy needs would need to be supplemented by Australia's gas reserves.

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