BG Group Signs Long Term US LNG Purchase Pact

Date : 10/26/2011 @ 8:37AM
Source : Dow Jones News
Stock : Cheniere Energy Partners, LP Cheniere Energy Partners, LP Common Units (CQP)
Quote : 28.22  -0.19 (-0.67%) @ 5:09PM

BG Group Signs Long Term US LNG Purchase Pact

BG Group (LSE:BG.)
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BG Group PLC (BG.LN), the natural gas firm, announced Wednesday that it has signed a fully-termed sale and purchase agreement with Sabine Pass Liquefaction, LLC, a subsidiary of Cheniere Energy Partners, L.P., for the purchase of 3.5 million tons per annum, or mtpa, of liquefied natural gas over a 20-year period from the Sabine Pass LNG terminal located in Louisiana.

MAIN FACTS:

-The agreement, which is subject to certain conditions and approvals, is the first long-term LNG purchase agreement from a project on the U.S. Gulf Coast, allowing BG Group to secure LNG volumes for export from the U.S. to international gas markets.

-LNG exports are expected to commence as early as 2015.

-Construction of the liquefaction facilities at Sabine Pass is expected to commence in 2012, with the initial phase to consist of two trains capable of producing up to 9 mtpa of LNG.

-BG Group is not an investor in the proposed liquefaction facilities.

-Group is continuing to pursue an expansion of the Lake Charles LNG terminal, located in Louisiana, to provide natural gas liquefaction services.

-Authorization has been received from the U.S. Department of Energy, or DOE, to export up to 730 Bcf of natural gas per year from the Lake Charles LNG terminal to countries that have a free trade agreement in place with the U.S..

-The DOE is currently reviewing an application to export natural gas from the Lake Charles LNG terminal to countries that do not have a free trade agreement with the U.S..

-Shares at 1203 GMT down 0.54% at GBP13.705 valuing the company at GBP46.758 billion.

-By Jana Weigand, Dow Jones Newswires; 44-20-7842-9314; jana.weigand@dowjones.com

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