BG Group has reached an agreement with Tokyo Gas for the supply of Liquefied Natural Gas (LNG) from the Queensland Curtis LNG ("QCLNG") facility to be developed by BG Group's wholly owned Australian subsidiary, QGC Pty Limited ("QGC").
The overall agreement sets out the basis upon which the parties will negotiate to conclude terms for:
BG Group and Tokyo Gas intend to complete negotiations and execute fully termed agreements by the end of 2010. The final agreements will be conditional on BG Group making a Final Investment Decision on QCLNG, expected later this year. QCLNG is expected to produce first LNG by 2014.
BG Group Chief Executive Frank Chapman said: "The agreements extend further our long and fruitful relationship with Tokyo Gas, bringing a new source of natural gas to Japan -- the world's largest LNG market. Tokyo Gas will become one of our important foundation customers for Queensland Curtis LNG, as we progress rapidly towards project sanction later this year."
The two-train QCLNG development on Curtis Island, near Gladstone, Queensland is firmly underpinned by BG Group LNG agreements to deliver cargoes from both QCLNG and from the Group's global LNG portfolio to customers across the Pacific Basin. Those agreements include:
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