BG Group Completes Agreement on Long-Term LNG Sales to India
BG Group today announced it had completed an agreement for the long-term sale of liquefied natural gas (LNG) to India, one of the world’s most rapidly growing energy markets.
Under the agreement, BG Group will supply state-owned Gujarat State Petroleum Corporation Limited (GSPC) with up to 2.5 million tonnes per annum (mtpa) of LNG, concluding negotiations announced in September 2011.
BG Group will initially supply 1.25 mtpa of LNG beginning in 2015 and for up to 20 years, potentially increasing to 2.5 mtpa after two years. GSPC will be supplied from the Group’s global LNG portfolio.
BG Group Chief Executive Chris Finlayson said: “We have been active in India for more than 15 years and it is a large and important market that we understand well. We expect the country to lie third among LNG importing countries by 2025, behind Japan and China.
"Our long-term agreement with GSPC adds another dimension to our global LNG portfolio with the addition of material new supplies to a fast growing market. We look forward to building our presence in the country" Mr Finlayson said.
Notes to Editors:
BG Group plc (LSE: BG.L) is a world leader in natural gas, with a strategy focused on connecting competitively priced resources to specific, high-value markets. Active in more than 20 countries on five continents, BG Group has a broad portfolio of business interests focused on exploration and production and liquefied natural gas. It combines a deep understanding of gas markets with a proven track record in finding and commercialising reserves.
For further information visit: www.bg-group.com
Gujarat State Petroleum Corporation Limited, a Government of Gujarat company, is one of India’s leading oil and gas exploration, development and production companies. GSPC has one of the largest gas trading businesses in the country and has a significant presence in gas transmission, gas distribution and power generation. The company is also developing a LNG terminal at Mundra in Gujarat.
For further information visit: www.gspcgroup.com
There are matters set out within this announcement that are forward-looking statements. Such statements are only predictions, and actual events or results may differ materially. For a discussion of important factors which could cause actual results to differ from these forward-looking statements, refer to BG Group’s Annual Report and Accounts for the year ended 31 December 2011. BG Group does not undertake any obligation to update publicly, or revise, forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent legally required.
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