BG Group has signed a sales and purchase agreement with Chubu Electric Power Co. Inc, concluding negotiations announced in October 2010 for the long-term supply of liquefied natural gas (LNG).
Under the agreement Chubu Electric will purchase up to 122 cargoes over 21 years, starting in 2014. This will be supplied from BG Group’s global LNG portfolio, including the Queensland Curtis LNG (QCLNG) Project under development by BG Group’s wholly owned Australian subsidiary, QGC Pty Limited (QGC).
BG Group Executive Director Martin Houston said, “ We are very pleased to have a long-term partnership with Chubu Electric, one of the most experienced and innovative LNG buyers globally, and proud that we can assist in meeting the long-term energy needs of Japan .”
Executive Vice President of BG Group and Managing Director of BG Australia Region Catherine Tanna said the agreement built on the already close and productive relationship between Chubu Electric and BG Group.
“ We welcome Chubu Electric as a foundation customer of QCLNG ,” Ms Tanna said. QCLNG will be a major source of employment during construction and a major source of revenue for the Australian economy throughout its operating life.
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Source: QGC, May 6, 2011;