October 19, 2017 / 7:32 AM / 10 months ago

Indonesia to extend Inpex's Masela LNG contract by 27 years from 2028 -statement

JAKARTA, Oct 19 (Reuters) - Indonesia has agreed with Japan’s Inpex to extend the company’s contract to operate the Masela natural gas project in the country’s east by up to 27 years once it expires in 2028, the energy ministry said in a statement on Thursday.

The ministry extended the contract for 20 years and then added seven more to compensate for an earlier government mandate for the project to be built on land rather than as a floating facility that had been proposed earlier.

“This decision related to Inpex will give a 20-year extension to Inpex because their contract is almost over, with an additional seven years as compensation for changing the refinery development scheme from floating to land-based,” Energy and Mineral Resources Minister Ignasius Jonan said in the statement. (Reporting by Bernadette Christina Munthe; Additional reporting by Wilda Asmarini; Writing by Fergus Jensen; Editing by Christian Schmollinger)

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