The HoA is for the full production capacity of the first LNG train, with gas to be supplied by Arrow Energy and LNG Limited.
The agreement covers the delivery of approximately 1.5 million tonnes of LNG per annum to Toyota Tsusho over a 12 year period from 2014 to 2026, as well as the parties’ intention to discuss Toyota Tsusho’s potential acquisition of a minority equity interest in the project.
Golar Chief Executive Officer Oscar Spieler commented “We are delighted to have reached this important milestone in the development of the Gladstone LNG Project. We look forward to building a strong and mutually beneficial relationship with Toyota Tsusho over the life of the project.”?
Arrow managing director and chief executive officer Nick Davies said “Our plans to deliver the world’s first coal seam gas (CSG) to LNG project are firmly on track for late 2012.”?
The Gladstone “˜Fisherman’s Landing’ LNG Project involves an LNG gas plant which will purify and liquefy CSG sourced from Arrow’s gas fields, located in central Queensland. Once the CSG has been processed at the LNG plant, it will be transported by Golar for export markets.
In February, Golar LNG signed a HoA with LNG Ltd for the full purchase of LNG output from the project.
The project is a joint venture between LNG Ltd, Arrow and Golar.