Pacific Oil & Gas Limited announced today its first agreement in a series of major power investments planned for China. Through its subsidiary, East Asia Power Limited, Pacific Oil & Gas signed an agreement with the Government of Xiamen, Fujian, China to build, wholly own and operate a large-scale, state-of-the-art gas-fired combined cycle gas turbine (CCGT) power plant in Xiamen. The power plant will have a total design capacity of 1,400 MW. Phase one of the project will start with an initial capacity of 2 X 350 MW and an investment of US$350 million.
This investment represents a milestone for Pacific Oil & Gas as part of its continuing economic development between Indonesia and China. With China’s continued strong economic growth and improving living standards, its power industry must now move quickly to service the rapidly increasing power demands in the country. Indonesia, rich in gas resources, will supply the liquefied natural gas (LNG) from its Tangguh, Indonesia gas field to fire Pacific Oil & Gas’ wholly-owned CCGT plant.
