2009 annual financial report

In my opinion the most salient points from Directors’ Report contained in EWC 2009 Annual Report concerning EWC’s immediate future are as follows:
1. Sengkang LNG facility: the production of the first 2x500,000 tpa modular trains is scheduled to commence by June 2010. The remaining 2x500,000 tpa trains will commence operations in quarterly intervals thereafter (ie. production of 2mtpa LNG will be reach by December 2010). Capex for Sengkang LNG facility is US$350million and will be financed from a combination of non-recourse project finance and proceeds from the June 2008 placement of shares .
2. Sengkang power plant expansion by 120MW: financial close of project financing is expected prior to the end of December 2009.
3. LNG Hub, Philippines: This import and export terminal Hub (storage of 130,000 LNG and re-gasification plant) is scheduled for completion by December, 2010 with commercial operation to commence in 2011. Project costs are US$60 million with interests from financiers and a Philippine industrialist to co-invest.
4. Abbot Point LNG facility: LNG facility costs are US$250 million with the 350km pipeline required for phase 1 of the project costing a further US$388 million. Total project costs are to be financed by a combination of equity and limited recourse debt, with strong interest from banks and gas industry specialists to co-invest and to provide debt finance. Production of LNG is planned to commence within 24 months of approval of LNG facility’s location.