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Norwegian Golar LNG lands gas sale deal from Japan's Toyota Tsusho

Posted on: Thu, 17 Sep 2009 11:52:00 EDT

Symbols: TYHOF

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Sep 17, 2009 (M2 PRESSWIRE via COMTEX) --
TYHOF | Quote | Chart | News | PowerRating -- 17 September 2009 - Gas tanker group Golar LNG Ltd (OSL: GOL) said
today it had signed a heads of agreement to sell liquefied natural gas
(LNG) from the Gladstone project in Australia to Japanese trading
company Toyota Tsusho Corporation (TYO: 8015).

Financial details were not provided.

The agreement covers the sale of all the production from the first
train from the project in the Queensland state. Golar will deliver some
1.5 million tonnes a year of LNG to Toyota Tsusho over a 12-year period
from 2014, with a separate build-up period starting at the end of 2012.
In addition, Golar Energy will provide the shipping necessary to
transport the LNG from Australia to Toyota Tsusho's nominated receiving
facilities.

The parties will also discuss Toyota Tsusho's potential acquisition of
a minority equity interest in the Gladstone project.

Currently, Golar and Australian Liquefied Natural Gas Ltd (ASX: LNG)
hold 40% of the project each. Under an agreement signed in February,
they will develop an LNG plant in the port of Gladstone. Australian
coal seam gas producer Arrow Energy Ltd (ASX: AOE) has an option to
take the final 20% equity in the project.

Comments on this story may be sent to 
nbr.feedback@nordicbusinessreport.com

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