Glencore crude trader leaves firm after seven years
Over roughly the last 12 months, Glencore’s head of crude trading in the US and at least two other traders have departed.
Engineering and construction company Clough Limited (ASX:CLO) today announced that the Clough Downer Joint Venture (CDJV) has been awarded a circa $600m unit rate re-measurable contract by Fluor for construction of pipelines, compression facilities and associated infrastructure relating to the Fairview component of the Santos GLNG project, located in the Surat Basin.
CDJV is a 50:50 joint venture between Clough and engineering and infrastructure management services group, Downer Australia (Downer).
The scope of work involves the construction of over 400km of gas and water transmission pipelines, two compression facilities, and an 800 person camp. Expansion of the existing Fairview compression facilities also forms part of the scope. Construction work is due to commence in September 2011. At peak the project will employ a workforce of 650.
“This is a significant project award and represents a breakthrough for our recently established Coal Seam Gas division into the expanding Queensland Coal Seam Gas industry. We will utilise resources and expertise from across the company and will work with our partner Downer to deliver the best possible project outcomes to Santos and their partners for this groundbreaking CSG to LNG project” said Clough’s Chief Executive Officer John Smith.
The Chief Executive Officer of Downer, Grant Fenn, said this is another major win and Downer was pleased to be extending its relationship with Clough.
“We have a compelling service offering and an expanding footprint in the growing Oil & Gas sector,” Mr Fenn said.
GLNG is a pioneering project to convert coal seam gas (CSG) to liquefied natural gas (LNG) for export to global markets, representing a major investment in a cleaner energy source for the future. The Project sources gas from Santos’ gas fields in the Bowen and Surat basins and transports the gas via a 420-km underground pipeline to a two-train LNG plant with a nameplate capacity of 7.8 million tonnes per annum on Curtis Island, Gladstone. GLNG is a joint venture between Santos and three of the world’s largest LNG companies, PETRONAS, Total and KOGAS.
About Clough
Established in 1919, Clough delivers an integrated Engineering, Procurement and Construction service to oil and gas and mineral resources projects primarily in Australia and South East Asia. The Group’s services range from concept development through design, construction, installation, commissioning, operations and maintenance.
Backed by an experienced management team, over 3,500 personnel and sophisticated project management systems, we are recognised for our commitment to safety, sustainable development and the wellbeing of the people, communities and environments in which we operate.
About Downer
Downer EDI Limited provides comprehensive engineering and infrastructure management services to the public and private Minerals & Metals, Oil & Gas, Power, Transport Infrastructure, Communications, Water and Property sectors across Australia, New Zealand, the Asia Pacific region and the United Kingdom.
www.downergroup.com
www.clough.com.au
