Baku, Azerbaijan, Dec.16
By Leman Zeynalova – Trend:
The Asian Development Bank (ADB) has signed a $400 million loan to help expand the Tangguh liquefied natural gas (LNG) production facility, one of the largest in Indonesia, said the message posted on ADB’s website.
Deputy Director General for ADB private sector operations, Christopher Thieme has said that expanding the Tangguh LNG facility is crucial for Indonesia to meet its increasing energy demand.
The expansion project will increase government revenues while helping Indonesia meet its growing energy demand and energy security goals.
Tangguh helps in the development of a lower carbon energy mix for the country by selling 75 percent of the new LNG production to the national power utility to fuel existing and planned gas fired power plants.
The project will help accelerate economic development in Papua Barat province by employing local Papuans at the LNG production site, both during and post-construction phase, and promoting livelihood programs to accelerate local economic growth.
During the OPEC meeting held in Vienna Nov.30, Indonesia decided to suspend its membership in the cartel. OPEC spokesmen said Indonesia could return to the cartel in the future.