Golar buys Australia?s LNG Ltd?s stake

Bermuda-based LNG tanker firm Golar LNG Limited announced on Monday it had entered agreement to buy 19.8 percent of ASX-listed mini-LNG plant developer Liquefied Natural Gas Limited (LNG Ltd) at A$ 11.5 million.

LNG Ltd. Has 50 percent stake in Padang LNG project in Pertamina and Medco jointly owned Senoro-Toili block in Central Sulawesi. LNG Ltd. The company is planning to develop 1.7 MTPA LNG plant in the PSC with completion seen end of 2008.

Golar, created by Norwegian billionaire John Fredriksen, has wagered $1.1 billion on liquefied natural gas since 2001, buying seven LNG tankers without first signing contracts for their use. (alex)