facebook
twitter
rss
account
search
search
 

BG Group lands LNG deal in India

Sept. 29, 2011 at 9:09 AM   |   Comments

READING, England, Sept. 29 (UPI) -- BG Group announced Thursday it reached a long-term supply agreement to deliver more than 2 million tons of LNG to an energy company in India.

BG Group said it signed a head of agreement deal with Gujarat State Petroleum Corp. for the supply of around 2.5 million tons of liquefied natural gas per year. The 20-year sale proposal envisions deliveries as early as 2014.

BG Group Chief Executive Officer Frank Chapman, in a statement, said this was a landmark agreement for his company in one of the largest and fastest growing energy markets in the world.

"It adds another important new dimension to the group's expanding global LNG business," he added.

Despite a lackluster economic performance in 2010, Chapman said the potential for long-term growth in the LNG sector was very strong.

The U.S. Energy Information Administration has said the expected increase in world energy consumption by 53 percent by 2035 to be driven largely by economic growth in China and India.

© 2011 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Recommended UPI Stories
Featured UPI Collection
trending
Notable deaths of 2014 [PHOTOS]

Notable deaths of 2014 [PHOTOS]

Most Popular
1
Verizon will soon let you choose what TV channels you want to pay for Verizon will soon let you choose what TV channels you want to pay for
2
Etsy bans sale of items with Redskins name, imagery Etsy bans sale of items with Redskins name, imagery
3
Meggitt receives $17.7 million Army order for target systems Meggitt receives $17.7 million Army order for target systems
4
Organic food brand at Kroger's to hit $1B in sales Organic food brand at Kroger's to hit $1B in sales
5
Lockheed Martin opens technology center
Trending News
Video
x
Feedback