BG To Buy 2 Million Tons LNG Over 20-Years From Sabine Pass

Date : 01/26/2012 @ 9:26AM
Source : Dow Jones News
Stock : Cheniere Energy Partners, LP Cheniere Energy Partners, LP Common Units (CQP)
Quote : 30.86  0.56 (1.85%) @ 4:15PM

BG To Buy 2 Million Tons LNG Over 20-Years From Sabine Pass

BG Group (LSE:BG.)
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BG GROUP PLC (BG.LN), the natural gas company, said Thursday that it has reached agreement with Sabine Pass Liquefaction, LLC, a subsidiary of Cheniere Energy Partners LP, to buy another 2 million tons of liquefied natural gas, or LNG, over a 20-year period from the Sabine Pass terminal in Louisiana, U.S.A.

MAIN FACTS:

-Additional volumes associated with Thursday's announcement have been incorporated into a previous sale and purchase agreement with Sabine announced last year.

-Construction of liquefaction facilities at Sabine Pass is scheduled to begin in 2012, with an initial phase of two LNG trains; construction of second phase expected to start in 2013.

-Exports from the initial phase to start as early as 2015 and for the second phase from as early as 2017.

-BG Group is also pursuing an expansion of the Lake Charles LNG terminal, in Louisiana, U.S.A, to provide natural gas liquefaction services.

-The U.S. Department of Energy has authorized the terminal to export up to 730 billion cubic feet of natural gas per year to countries that have a free trade agreement in place with the U.S.A.

-The DOE is 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.A.

-Shares at 1353 GMT, up 13 pence, or 0.9%, at 1,471 pence valuing the company at GBP49.51 billion.

-By Rory Gallivan, Dow Jones Newswires; 44-20-7842-9411; rory.gallivan@dowjones.com

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