BG Group announces $15 bln investment for LNG project in Australia

16:57, October 31, 2010      

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Integrated natural gas company, BG Group on Sunday announced it will commit 15 billion U.S. dollars investment for the first phase of its massive Curtis liquid natural gas (LNG) project in Queensland state of Australia.

During a conference hold by BG's Australian head Catherine Tanna, the company has approved to spend 15 billion U.S. dollars over the next four years developing two LNG trains with a combined capacity of 8.5 million tons per annum.

The Queensland's Curtis LNG Project involves building a liquefied natural gas plant at Gladstone, a 450 km underground pipeline network, and expanding production in gas fields in the Surat Basin around Chinchilla in south west Queensland.

BG plans to start shipping LNG to customers in Chile, China, Japan and Singapore from 2014.

According to Tanna, the project will increase economic activity in Queensland by 32 billion dollars (31.4 billion U.S. dollars) between 2010 to 2021, and will add nearly 10 percent to the value of Queensland's annual exports.

"We also expect to pay about one billion dollars (0.98 billion U.S. dollars) a year in federal taxes and a further 300 million dollars (294 million U.S. dollars) or so each year in royalties to the Queensland government," Tanna told Australia Associated Press on Sunday.

The project will create an estimated 5,000 jobs during construction and nearly 1,000 when the plant is operating.

Queensland Premier Anna Bligh welcomed BG Group's announcement.

"So, the last hurdle has been crossed. We now have a Queensland liquid natural gas project,"Bligh said on Sunday, adding "It's terrific."



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