Santos taking A$1 bln writedown on Gladstone LNG

By Staff reporter 16 August 2016

Adelaide-based Santos has said it will take a A$1.05 billion (US$811 million) writedown on its Gladstone LNG project because of rising prices for third-party gas supplies and a slower-than-expected ramp-up of its own equity gas output.

The company already took a A$565 million impairment charge against the plant last year.

"We are seeing the effects of ongoing constraints on capital expenditure and a softer LNG market," Kevin Gallagher, chief executive and managing director, said in a statement.

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