Dec. 8 (Bloomberg) -- Exxon Mobil Corp. and its partners approved development of a $15 billion Papua New Guinea liquefied natural gas venture, the country’s biggest resource project, to supply the cleaner-burning fuel to China, Japan and Taiwan.

Construction will start in 2010 after the companies complete agreements with their customers and financing arrangements with lenders, Irving, Texas-based Exxon, the largest U.S. oil company, said in a statement today. Fuel exports are due to begin by late 2013 or 2014.

Papua New Guinea’s economy may double in size, according to Oil Search Ltd., a partner in the venture along with Santos Ltd. The plant is one of more than 12 planned in Australia and the neighboring South Pacific nation to meet growing Asian demand for less-polluting alternatives to coal and oil.

“We are seeing a move to gas,” Peter Arden, a Melbourne- based senior mining analyst at Ord Minnett Ltd., an affiliate of JPMorgan Chase & Co., said today. “China can’t meet its energy needs. Countries are also trying to diversify away from coal.”

LNG sales from the project will likely exceed $100 billion over 20 years, Tri-Zen International Ltd. consultant Tony Regan said in an e-mailed response to questions. The partners haven’t given financial terms of supply agreements.

(NG the cleaner burning fuel)

....and yes it floats.....(Italy)

(by the way: Volkswagen and BMW quitting their programs in Hydrogen technology,only Daimler decided to go on.)