The stock of Exxon Mobil Corporation (NYSE:XOM) closed at $76.02 gaining 1.52% in yesterday’s trading session. It was on Thursday that ExxonMobil disclosed that it had managed to import a liquefied natural gas (LNG) cargo. And that was part of its efforts to keep the tanks at Papua New Guinea LNG facilities cool.
A person well conversant with the latest developments but who at the same time wanted his identity concealed for reasons best known to him outlined that they had managed to import LNG. He asserted that it would make it easy for it to maintain the temperature of the tanks belonging to the company. Asides from that, the company has also been looking forward to make reductions in the lengthy recooling period at that particular moment that it restarts.
It was in late February that the PNG LNG export plant belonging to Exxon was shutdown. This took place shortly after the earthquake ended up causing disruptions in the feed-gas supplies from the gas-producing Highlands zones.
The spokeswoman of the company after attending a business conference recently opined, “In addition, a small amount of gas is used as a fuel source for the plant’s gas turbine generators, which help keep the plant in safe operating condition. The purchase of this cargo does not reflect a change in our earlier projection of eight weeks for return to production.”
A significant number of generators still continue supplying the power demand of Port Moresby .And several market observers have made a joint statement outlining they are quite pleased with the way the company is conducting itself in a wave characterized by the ever shifting business dynamics.
Several traders have come out clearly to state that the tanker could be standing by ready so that whenever the export cargo arrives it can be loaded in good time. However, it is crucial to stipulate that to this point in time Exxon hasn’t yet given its confirmation on the matter on that particular regard.
It was still in February that Exxon said that it would be working closely with partners and the target would be to double the facility’s export capacity.