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BG Group & Brass LNG Enter Agreement for LNG Supply

Source: www.gulfoilandgas.com 1/30/2006, Location: Africa

BG Gas Marketing Ltd (BGGM), a wholly owned subsidiary of BG Group plc, has entered into a Memorandum of Understanding with Nigeria’s Brass LNG for the acquisition of 2.0 million tonnes per annum (mtpa) of LNG. The proposed deal will last for a 20 year term, with initial deliveries expected to start during 2010.

It is planned that cargoes will be delivered on an ex-ship basis to BG Group's North American marketing business at Lake Charles, Louisiana and Elba Island, Georgia. However, in order to optimise sales opportunities in alternative markets, BGGM will retain the right to divert cargoes to other destinations including its own market positions under development in the UK (Milford Haven) and Italy (Brindisi).

Martin Houston, BG Executive Vice President and Managing Director, North America, Caribbean and Global LNG, said: “Today’s agreement signifies another important step in the growth of BG’s portfolio of long-term, competitively priced LNG. Leveraging from our US terminal positions, this transaction again demonstrates BG’s ability to utilise our market reach and expertise in order to maximise the value of our supply portfolio for ourselves, our LNG suppliers and our customers.”

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