When is Shenyang Power expected to start work on the Macau LNG project? Whats the potential for annual revenue and net income from this project?
On July 10, 2009, A-Power announced that its majority-owned Shenyang Power signed an MOU with Macau Natural Gas Co., Ltd. (“MNG”) to construct an offshore liquefied natural gas (“LNG”) complex to import, store and re-gasify LNG and to distribute natural gas to Macau and elsewhere. The project’s estimated cost is currently $1.5 billion and it is expected to take 2 years to complete. Shenyang Power is expected to finalize the contract terms with MNG later this year and start the initial construction phase sometime next year. The annual revenue and net income from this project, as well as the disbursement of the income within the Shenyang Power alliance, are being negotiated, and the management deems it premature to disclose such details to the public at the moment.
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