Santos GLNG bears down on completion in 2015

The Santos GLNG plant on Curtis Island is 85 per cent complete, according to a recent shareholder report.

The first-half shareholder update was released this week, which stated that the LNG project was on track for first cargo in 2015.

Santos’ three upstream gas hubs are ready for commissioning, and commissioning of the transmission pipeline has already commenced.

In late September the Santos GLNG plant took delivery of the final two modules at Curtis Island, the last of 111 modules which have taken two and a half years and 15 million work hours to construct and deliver.

The interim dividend for Santos shareholders is 20 cents, up 33 per cent on the first half dividend of 15 cents in 2013.

Sales revenue is up 25 per cent to $1.9 billion, and underlying profits are up 3 per cent to $258 million, however net profits after tax are down 24 per cent to $206 million.

The third quarter activities report will be due out on October 17.

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