Monday, October 25, 2010

Citigroup (NYSE:C) Says Conditions Surrounding Santos Gas Project Approval Manageable

Approval of the natural gas project of Santos Ltd is based on certain conditions, which Citigroup (NYSE:C) shouldn't be too burdensome to the company and the project.

Some of the conditions for the $17.6 billion project include a possible increase in the water monitoring requirements and regulators keeping a closer watch over the Gladstone liquefied natural gas venture.

Citigroup said together the additional cost should come to about A$20 million, which compared to the overall capital expenditure total is relatively small.

Gas will be liquefied from the project and exported to Asian markets.

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