The A$20.4bn ($21.3bn) QCLNG project is currently under construction. When completed, it will be the world’s first plant to convert coal seam gas into liquefied natural gas (LNG) and provide clean hydrocarbon energy for export markets from 2014.
The project work involves expanding QGC’s existing coal seam gas production in the Surat Basin of southern Queensland and constructing 540km buried natural gas pipeline network that will connect with the gas fields to Glad stone.
Building a natural gas liquefaction plant on Curtis Island where the seam gas is converted to LNG is also included in the project work.
The US Ex-Im loan is the latest BG Group has secured through its active treasury program to support the development of its major project.
In September 2012, BG Group signed an agreement with Japan Bank for International Cooperation to provide long-term supply of liquefied natural gas in the country.
The group also agreed in November 2012 to a syndicate facility of $3bn. Apart from this, it has also reached an initial agreement with Brazilian Development Bank for new funds of up to $1.8bn and signed a $500m credit agreement with Export Development Canada.
