BP Starts Building $20-M Gas Facility in Adelaide
By Vittorio Hernandez | October 23, 2012 9:56 AM EST
BP has started the construction of its $20 million facility at Largs North in Adelaide. It is the first phase of the oil and gas giant's $41 million investment over the next five years.
With the 30 million litre tank, South Australia's security of diesel supply will be boosted, SA Energy Minister Tom Koutsantonis said on Monday. He said the state's growing mining sector is expected to need more energy with the opening of new mines and new shipment of iron ore.
The minister said the BP expansion would provide the reliability of supply when the new facility comes online in November 2013. He said the project is an indicator of BP's confidence in SA's mining industry.
Besides the new facility, BP is also developing an offshore exploration in the state to identify new oil and gas reserves.
While expanding in SA, the British energy firm and its joint venture with Russian oil operators sold for $61 billon its TNK-BP project to Rosneft, the state-owned oil giant in Russia. BP actually sold half of its stake in TNK-BP to Rosneft for $17.1 billion cash and a 12.84 per cent stake in the Russian oil group AAR. Rosneft will also purchase the other half of the joint venture from AAR for $28 billion.
To contact the editor, e-mail:
Most Popular Slideshows
- In Photos, Typhoon Rammasun Blasts the Philippines
- Ellen DeGeneres Caught Cheating with Mutual Friend Before Portia de Rossi’s Rehab – Reports [PHOTOS]
- Flight MH17 Attack: Russians Claim 'Putin A Terrorist,' Memorial at Dutch Embassy Overflows [PHOTOS]
- Malaysia Airlines MH17: Vital Black Boxes Finally Land in Hands of Malaysian Authorities, Rebels Announce Ceasefire (PHOTOS/VIDEOS)
Join the Conversation
- Australian Stock Market Report – Midday July 23, 2014
- Australian Stock Market Report –Midday July 22, 2014
- Major European & U.S. Airlines Cancel Flights to Israel after Rocket Attack on Tel Aviv Airport
- BHP Billiton Goads Abbott Government to Also Repeal Mining Tax Law
- Australian Stock Market Report – Morning July 23, 2014
- Google Nexus 8 Release Date Soon Along with 2 More HTC Android Tablets – Reports
- Windows Phone 8.1 Update Rollout: 20 Nokia Lumia Phones Eligible and 13 New Features to be Added
- Moto 360 Price Speculations, Key Features, Strategic Release Date, Design: A Watch That is More Than Just Time
- Samsung Galaxy Note 4 Apps Leak Online, Five Fresh Features to Expect from the Android Smartphone
- Three New Moto G Successors Spotted in FCC Document Dubbed Moto G2, Moto M and More --Reports
- Sony PlayStation 4 Outsells a Resurgent Xbox One in June
- Killer Xiaomi Mi4 at $369 Likely to Come With 5.0-Inch Display, Snapdragon 801 Processor, 3GB RAM and More