Conoco, Mitsubishi to Develop Gas Terminal

ConocoPhillips, the largest U.S. oil refiner, and Mitsubishi Corp., Japan’s biggest trading company, finalized an agreement to jointly develop a terminal in Long Beach to capitalize on growing demand for natural gas imports.

The terminal would have yearly capacity to import about 5 million tons of liquefied natural gas, Houston-based ConocoPhillips said.

The terminal is expected to be completed in 2009 and cost about $450 million.