BG Group secures $1.8bn for LNG project

British firm BG Group has secured a $1.8 billion (£1.1bn) loan from the US Export-Import bank for its Liquefied Natural Gas (LNG) project (pictured under construction) in Australia. The cash […]

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By Priyanka Shrestha

British firm BG Group has secured a $1.8 billion (£1.1bn) loan from the US Export-Import bank for its Liquefied Natural Gas (LNG) project (pictured under construction) in Australia.

The cash will help fund US services and equipment used in the Queensland Curtis LNG project in Gladstone, which is expected to produce its first gas in 2014. It follows the company’s announcement that the budget for the QCLNG project had blown out to $20 billion (£12.3bn).

BG Group said the loan is the latest funding secured via the Group’s “active treasury programme” which helps deliver its key growth projects. Last September, the firm signed an agreement with Japan Bank for International Cooperation (JBIC) to provide long term supply of LNG in the country.