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Gold/Mining/Energy : LNG
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To: Dennis Roth who wrote (386)9/26/2006 8:06:59 AM
From: Dennis Roth  Read Replies (1) of 919
 
Australia's LNG Ltd to supply liquefied natural gas to Canada terminal
09.25.2006, 10:52 PM
forbes.com

SYDNEY (XFN-ASIA) - Liquefied Natural Gas Ltd said it has signed an agreement with a subsidiary of Galveston LNG Inc to supply 1.8 mln metric tonnes per year of liquefied natural gas to a proposed terminal in Canada.

The 500 mln usd Kitimat terminal - located in the province of British Columbia and expected to commence construction later this year - will undertake the functions of importing LNG, re-gasification and send-out.

The terminal is due to begin operation in the fourth quarter of 2009 and provide Pacific Basin LNG suppliers shorter shipping distances to North America and access to the largest natural gas market in the world.

Under the agreement, and LNG sales from LNG Ltd would be purchased on a delivered basis at the LNG terminal.

LNG Ltd chief executive Maurice Brand said the agreement with the Kitimat terminal provides security for the company to access gas supply from a number of prospects its is looking at within the Australasian region.

LNG Ltd was listed on the Australian Stock Exchange in 2004 to act as an energy link between previously discovered but non-commercial gas reserves and existing, and potentially new, energy markets.

In May, Golar LNG Ltd became LNG Ltd's largest shareholder.

The Norwegian-based Golar is the world's largest independent owner of LNG transportation and listed on both the Oslo and NASDAQ stock exchanges.

paul.daniel@xfn.com
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