BG Group signed a sales agreement with Tokyo Gas, concluding negotiations announced in March 2010 for the supply of 1.6 bcm of Liquefied Natural Gas (LNG) a year for 20 years from 2015. Under the agreement, Tokyo Gas will be supplied with LNG from the Queensland Curtis LNG (QCLNG) facility on Curtis Island, near Gladstone in Queensland (Australia) and from the Group’s global LNG portfolio. The plant is planned to come onstream by 2014. The agreement is the first fully termed sales agreement for supply to Japan of LNG sourced from coal seam gas. In addition, Tokyo Gas will acquire a 1.25% equity interest in the reserves and resources of certain BG Group tenements in the Walloons Fairway of the Surat Basin in Queensland. Tokyo Gas will reimburse BG Group for 1.25% of costs incurred in respect of the tenements; and will become a 2.5% equity investor in QCLNG Train 2, the second of two liquefaction trains which will form the first phase of the QGC-operated QCLNG development. Tokyo Gas will reimburse BG Group for 2.5% of costs incurred in respect of Train 2.
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