News

BG Group borrows $1.8b to help fund Curtis Island LNG

Two huge LNG tanks are under construction on Curtis Island, Gladstone.
Two huge LNG tanks are under construction on Curtis Island, Gladstone.

BG GROUP has borrowed $1.8 billion from the US Export-Import Bank to fund US services and equipment used in the Queensland Curtis LNG project in Gladstone.

Australia's LNG projects have suffered cost inflation and BG announced in May that the budget for QCLNG, expected to produce its first gas in 2014, had blown out to $US20 billion.

In August, US environment groups served a notice that the Export-Import Bank had financed, or was about to finance, projects of Origin Energy's rival Australia Pacific LNG and QCLNG without complying with environmental review requirements. 

The LNG facilities will be built on Curtis Island, which is within the Great Barrier Reef World Heritage Area.

In December the groups filed a lawsuit in a Californian court against Export-Import Bank over its loan, arguing the construction and operation of the plant would threaten sea turtles, dugongs and other protected marine species, as well as the Great Barrier Reef itself.

A spokesman for BG said the US groups were campaigning against the use of fossil fuels and using the reef to generate publicity.

Read more at the Brisbane Times.

Topics:  bg group curtis island gladstone lng qclng resources



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