Golar LNG signs sales deal for Fisherman's Landing project

Golar LNG has signed a heads of agreement to sell LNG from the Fisherman’s Landing coalseam methane-LNG project near Gladstone to Toyota Tsucho Corp. of Japan.

Sep 18th, 2009

Rick Wilkinson
OGJ Correspondent

MELBOURNE, Sept. 18 -- Golar LNG has signed a heads of agreement to sell LNG from the Fisherman’s Landing coalseam methane-LNG project near Gladstone to Toyota Tsucho Corp. of Japan.

Toyota has agreed to buy 1.5 million tonnes/year of LNG for 12 years beginning in 2014.

Negotiations are now under way for the Toyota Group trading company to also buy a minority equity interest in the Fisherman’s Landing project.

It is the smallest of the five CSM-supplied LNG plants proposed for Gladstone. The $500-million plant, scheduled to come on stream in 2012, is being developed by Golar and Perth Co. LNG Ltd. and will be supplied by CSM from Brisbane-based Arrow Energy Ltd.’s fields in the Surat basin in central Queensland.

Arrow says it has more than enough gas to supply the first LNG train. Site preparation has already commenced and documentation for front-end engineering and design has been submitted. In addition shipping agreements are in place and Toyota has become the foundation buyer.

At the moment LNG Ltd and Golar each have a 40% interest in the Fisherman’s Landing plant while Arrow has the option to take the remaining 20% stake.

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