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Rising costs fail to hold back Asia-Pacific LNG export projects

WOODSIDE's Pluto LNG project has become the latest to suffer cost escalations, but the outlook for the sector remains robust. The Papua New Guinea (PNG) LNG project has received approval from ExxonMobil and its partners and Chevron has secured a lucrative sales deal with Japan for its potential Wheatstone LNG venture. Woodside said in November that the cost of building Pluto could end up being 6-10% higher than the A$11.2bn ($10.2bn) approved by the company and its partners in 2007. Costs have escalated in part because of competition with a series of other Australian LNG projects is driving up the price of labour and services. However, the 4.3m tonnes a year (t/y) first phase is already m

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