Wed Mar 31, 2010 11:15am IST
* Tokyo Gas to take 1.25 pct stake in coal seam gas field
* Plans to take 2.5 pct stake in second LNG train (Adds details, background)
TOKYO, March 31 (Reuters) - Tokyo Gas Co (9531.T: Quote, Profile, Research) said on Wednesday it has agreed with BG Group (BG.L: Quote, Profile, Research) to buy liquefied natural gas (LNG) from Australia's Queensland Curtis project.
Under the agreement, Tokyo Gas, Japan's top gas distributor, will buy 1.2 million tonnes of LNG per year for 20 years from 2015.
Production will likely start sometime in 2014, a Tokyo Gas official told reporters, with the company projecting an investment of around several billion yen.
Tokyo Gas plans to take a 1.25 percent stake in a coal seam gas field and a 2.5 percent stake in the second LNG train.
The Queensland Curtis project, to be built in the northeast part of the state, has a proposed production capacity of 8.5 million tonnes a year and is expected to get final approval in the middle of this year.
It was the second LNG deal in a week for Tokyo Gas. Last week it signed an agreement with Australian oil and gas firm Energy World Corp (EWC.AX: Quote, Profile, Research) to discuss details of its participation in EWC's LNG project in Indonesia's South Sulawesi province.
Under the pact, Tokyo Gas aims to buy 500,000 tonnes of LNG per year from the project. [ID:nTOE62N05U] (Reporting by James Topham)
Source: http://in.reuters.com/article/rbssIndustryMaterialsUtilitiesNews/idINTOE62U04T20100331
* Tokyo Gas to take 1.25 pct stake in coal seam gas field
* Plans to take 2.5 pct stake in second LNG train (Adds details, background)
TOKYO, March 31 (Reuters) - Tokyo Gas Co (9531.T: Quote, Profile, Research) said on Wednesday it has agreed with BG Group (BG.L: Quote, Profile, Research) to buy liquefied natural gas (LNG) from Australia's Queensland Curtis project.
Under the agreement, Tokyo Gas, Japan's top gas distributor, will buy 1.2 million tonnes of LNG per year for 20 years from 2015.
Production will likely start sometime in 2014, a Tokyo Gas official told reporters, with the company projecting an investment of around several billion yen.
Tokyo Gas plans to take a 1.25 percent stake in a coal seam gas field and a 2.5 percent stake in the second LNG train.
The Queensland Curtis project, to be built in the northeast part of the state, has a proposed production capacity of 8.5 million tonnes a year and is expected to get final approval in the middle of this year.
It was the second LNG deal in a week for Tokyo Gas. Last week it signed an agreement with Australian oil and gas firm Energy World Corp (EWC.AX: Quote, Profile, Research) to discuss details of its participation in EWC's LNG project in Indonesia's South Sulawesi province.
Under the pact, Tokyo Gas aims to buy 500,000 tonnes of LNG per year from the project. [ID:nTOE62N05U] (Reporting by James Topham)
Source: http://in.reuters.com/article/rbssIndustryMaterialsUtilitiesNews/idINTOE62U04T20100331
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