Chile plans $400 mln-$500 mln liquefied gas project

Chile plans $400 mln-$500 mln liquefied gas project

SANTIAGO, Chile, May 6 (Reuters) - Chile will invest $400 million to $500 million in a project to import and process liquefied natural gas in response to growing domestic demand and in hopes of reducing dependence on neighbor Argentina, which is mired in an energy crisis, its president announced on Thursday.

Argentina steepened its export curbs to Chile this week, reducing supplies by one quarter.

President Ricardo Lagos, in a televised speech, said the state oil company Enap would be in charge of developing the project, which would be completed by the end of 2007.

"By the end of 2007, we are going to have this project operating and Chile will be independent energy-wise," Lagos said.

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http://www.forbes.com/markets/emergingmarkets/newswire/2004/05/06/rtr1363124.html