BG Group and CAPCO Sign Agreement for Long-Term Liquefied Natural Gas Supply to Hong Kong
BG Group plc announced today that its wholly owned subsidiary BG LNG Trading (BGLT) has signed a Liquefied Natural Gas (LNG) Heads of Agreement with Castle Peak Power Company (CAPCO), Hong Kong. Under the proposed arrangement, BGLT have agreed to supply one million tonnes per annum to CAPCO’s planned LNG import terminal in Hong Kong for a period of up to 20 years.
Initial deliveries are expected to begin in 2013 to coincide with the completion of the LNG terminal on South Soko Island. The LNG will be sourced from BG Group’s growing and flexible global portfolio.
BG Group has developed a leading position in Atlantic Basin LNG. The Group is one of the main suppliers of LNG to the United States - the world’s largest gas market. It is also the leading exporter of Atlantic Basin LNG to Asia Pacific markets. The Group has long-term purchase agreements in place with Equatorial Guinea LNG; Nigeria LNG; Egyptian LNG; and with Atlantic LNG in Trinidad and Tobago. It also supplies gas to Atlantic and Egyptian LNG as well as holding an equity stake in both facilities. Additionally, BG Group recently completed the formation of an alliance with Queensland Gas Company Ltd to cooperate in the development of a new 3-4 mtpa liquefaction plant in eastern Australia.
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