BG Group May Sell Stake in Queensland LNG Project
UK’s BG Group is planning to sell some stake in its Queensland natural gas liquefaction facilities. The company may sell around 15 and 20 percent of its holding in the Queensland Curtis LNG project.
The exercise may help BG raise up to $2 billion from the sale, Reuters said in a report. The cash would be reinvested in more profitable oil and gas exploration and production activities.
BG is one of a number of companies which are developing plans to build LNG plants around Gladstone in Queensland. The companies have bought huge swathes of land with deep coal seams from which gas can be extracted and frozen into LNG.
BG's $15 billion Queensland LNG project is expected to start in 2014.