Under the heads of agreement, the company proposes to sell up to 2.5 million tonnes per annum of LNG to GSPC for up to a 20-year period beginning 2014.
GSPC and BG Group now plan to complete negotiations and sign a fully-termed LNG sales and purchase agreement in 2012.
The LNG volumes to be supplied under this agreement will be sourced from BG Group’s global supply portfolio.
BG Group chief executive Sir Frank Chapman said this agreement adds another important new dimension to the company’s expanding global LNG business.
"This is a landmark agreement for BG Group, establishing long-term LNG sales into one of the world’s largest and fastest growing energy markets," Chapman said.
