Regional LNG: Golar, Toyota Tsusho in Australian LNG supply deal
Friday, September 18 2009 - 02:56 AM WIB
The agreement covers the delivery of approximately 1.5 million tonnes per annum of LNG to Toyota Tsusho over a 12 year period from 2014 to 2026, with a separate build up period commencing at the end of 2012, as well as the parties? intention to discuss Toyota Tsusho?s potential acquisition of a minority equity interest in the Gladstone LNG Fisherman?s Landing project, the company said.
Golar Energy will provide the shipping necessary to transport the LNG from Australia to Toyota Tsusho?s nominated receiving facilities. Delivery of the LNG will utilise up to two of Golar?s existing LNG Carriers.
In February 2009 an HOA with the Australian listed company Liquefied Natural Gas Ltd (LNG Ltd) was signed covering the joint development of the Gladstone LNG project to produce LNG from Coal Seam Gas (CSG) in Gladstone, Australia.
The project company Gladstone LNG Pty Ltd (Gladstone LNG) is intending to develop a mid-scale (1.5 million tonne per annum per train) liquefied natural gas plant in the Port of Gladstone, Australia. The plant will purify and liquefy CSG sourced from the Arrow Energy Ltd gas fields, located in Central Queensland, north east Australia.
Golar Energy and LNG Ltd have agreed to each take an equity position of 40% in the GLNG joint venture. Arrow Energy has an option to take the final 20% equity in the project.
The current estimated development cost for the LNG facility is approximately USD 500 million.
The CSG will be delivered by Arrow Energy to the LNG plant boundary at Gladstone. Once the CSG has been processed at the LNG plant, it will be loaded onto Golar Energy owned LNG Carriers for export markets. First production is currently scheduled for 2012.
Under the terms of the HOA signed with LNG Ltd. Golar Energy has agreed to purchase the full LNG output from the first LNG train on an FOB basis. (alex)