Business

BG Group agrees to sell QCLNG pipeline

BG Group is set to sell its QCLNG pipeline for $5 billion. 

BG Group has agreed to sell its wholly-owned subsidiary QCLNG Pipeline Pty Ltd to APA Group, Australia's largest gas infrastructure business, for about US$5 billion.

QCLNG Pipeline Pty Ltd owns the 543km, large-diameter underground pipeline network linking BG Group's natural gas fields in southern Queensland to the QCLNG plant on Curtis Island, Gladstone.

The pipeline was constructed between 2011 and 2014 and has a current book value of US$1.6 billion.

The sale is conditional on the start of commercial LNG deliveries from the QCLNG export facility and on partner consent.

On completion, expected in the first half of 2015, the transaction is expected to result in a post-tax profit of about US$2.7 billion.

BG Group plans to use the sale proceeds to reduce net debt and fund future growth investment.

Interim executive chairman Andrew Gould said the sale of the QCLNG pipeline was in line with the company's strategy to focus on its core areas of oil and gas exploration and production, and LNG.

"The timing reflects QCLNG's advanced stage of development; we are now on the verge of delivering the world's first large-scale project using natural gas from coal seams as a feedstock for LNG," Mr Gould said.

BG Group is reviewing its reference conditions, long-term price assumptions and business plans in light of recent movements in commodity prices, particularly the drop in the oil price. 

Topics:  bg group curtis island gas lng qclng



How to do Eat Street the right way

EVERYTHING you need to know to get the most out of your Eat Street experience and to avoid a food coma when you’re only one stall deep.

Don’t go chasing waterfalls…find them on these drives!

The Scenic Rim is just one place nearby that you'll love.

BRISBANE isn’t all bright lights and city slickers.

Science Festival seriously awesome

Don't miss the World Science Festival Brisbane!

CALLING everyone who wants to see something totally cool.

Drink where the cool kids do this summer

There are a bunch of new bars open in Brisbane, make sure you're there!

CHECK out these new funky bars.

Discover Brisbane’s laneway gems

Brisbane's laneways will surprise you.

NOT all of Brisbane City is as it seems…

Top five things to experience this summer in Brisbane

Tangalooma is amazing if you're keen for a dive, kayak or swim.

THIS summer get out and explore your capital city.

Your boots are made for walking these tours

Brisbane Greeters tours are a great way to learn the local history of the city.

YOU don’t need a bike or bus for a seriously good tour of Brisbane.

WATCH: Child wrestles monster snake with bare hands

Oli Wardrope, 14 slid underneath the family car and pulled out a massive 2-metre long python.

HE WAS ready for school, then he saw this.

'Absolute grub': Poo, toilet paper left at door of business

Poo at Gladstone Fish Market

A GLADSTONE business owner has never felt so disgusted in his life.

'Loving': Heartfelt tribute to iconic Gladstone woman

REST IN PEACE: Fay Owens, well-known Gladstone woman was paid tribute to in parliamentby Glenn Butcher.

SILENCE as prominent politician recalls life of a Gladstone woman.

Local Partners

Living End, Grinspoon stars hit stage for American Idiot

GET a sneak peek at Green Day's American Idiot The Musical as we go behind the scenes to meet the stars at a QPAC rehearsal.

Samuel L Jackson dismisses La La Land ahead of Oscars

Ryan Gosling and Emma Stone in a scene from the movie La La Land.

Hollywood actor and Oscars voter says Denzel should win top gong

Live performance of Sci-fi classic to open Science Festival

Qld Symphony Orchestra perform live to 2001: A Space Odyssey.

Festival will host A Live Presentation of 2001: A Space Odyssey.

Former Family Matters stare accused of child abuse

Reginald VelJohnson, left, and Darius McCrary arrive at the TV Land Awards on Sunday, April 19, 2009 in Universal City, Calif.

Darius McCrary has been accused of child abuse

Bindi Irwin's birthday tribute to her dad

Bindi Irwin

Bindi Irwin has paid tribute to her dad on his 55th birthday

Reality TV show gives Maryborough a boost

*WARNING EMBARGOED until 9.15pm Monday January 30* Sean Hollands and Susan Rawlings pictured after their wedding on the TV series Married At First Sight. Supplied by Channel 9.

Maryborough looks good on reality TV show.

72 hours of things you can't miss in the Gladstone region

The Screaming Jets are making their way to Gladstone in 2017.

YOU CAN'T miss these things to do in the Gladstone region.

Gladstone's 20 cheapest properties on the market, all under $150K

DIRT CHEAP: 5/239 Sun Valley Rd, Kin Kora is selling for $140,000

PROPERTY sellers drop prices as houses and units sell for bargains.

$140k damage: landlord says property trashed, contaminated

He had what he calls "the tenants from hell"

Submarine, buses and 3000 tyres removed in $100K clean up

The list of things removed from this property is beyond astonishing

Popular island resort sells to loaded international investor

OUR PICK: Chris Foey's colourful shot of one of Gladstone's great tourism hot spots, Heron Island.

International investor snaps up piece of Gladstone paradise.

Ready to SELL your property?

Post Your Ad Here!