BG Announces the First LNG Shipment from Egyptian LNG Train 1

Source: www.oilegypt.com 5/31/2005, Location: Africa

BG Group and its partners announced that the first shipment of liquefied natural gas (LNG) from Egyptian LNG Train 1 has been lifted by Asean LNG Trading Company Limited (ALTCO), a subsidiary of Petronas, from the newly constructed Idku terminal on the Mediterranean Sea.

Due to the acceleration of the Egyptian LNG Train 1 project, approximately six early LNG cargoes have become available, of which BG Group is expected to lift three. Sale of the entire 3.6 million tones per annum (mtpa) output of Train 1 to Gaz de France under a 20 year sales and purchase agreement will commence after these early cargoes.

Speaking today, Stuart Fysh, BG Group's Executive Vice President and Managing Director, Mediterranean Basin and Africa, said: "We are delighted to announce the first cargo from ELNG Train 1. This represents a significant milestone in the development of the Egyptian natural gas industry and an outstanding achievement for BG Group. The early delivery of ELNG Train 1 by more than three months is a world class example of project management that has created additional value for Egypt, BG and our partners".

Egyptian LNG Train 2 is due to produce its first LNG cargo before the end of 2005. The BG operated Sapphire field in the West Delta Deep Marine Concession, which is due to produce first gas in the third quarter of 2005, will supply gas to Train 2. The 3.6 mtpa output of Train 2 has been sold to BG Gas Marketing.

Partners in Egyptian LNG Train 1 include; BG Group (35.5%), PETRONAS (35.5%), the Egyptian Natural Gas Holding Company (12.0%), the Egyptian General Petroleum Corporation (12.0%) and Gaz de France (5.0%).


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