BG Group, a world leader in natural gas, with a strategy focused on connecting competitively priced resources to specific, high-value markets, today announced a US$500 million credit agreement with Export Development Canada (EDC). The agreement has an initial term of four years with the option to extend for an additional 12 months.
The agreement with EDC will build upon BG Group’s existing relationships with Canadian service providers and will encourage BG Group to examine other potential procurement opportunities for Canadian goods and services across the Group’s global portfolio.
BG Group Chief Financial Officer, Fabio Barbosa said: “We are pleased to have secured this US$500 million credit facility with EDC and we look forward to developing our relationship with them.
“In addition to this agreement, in the last 12 months we have successfully raised $5.6 billion on the international bond markets; increased our uncommitted facilities to $4.5 billion; signed a memorandum of understanding with the Bank of China for up to $1.5 billion of funding support; and, received initial approval from the Brazilian Development Bank for up to $1.8 billion in long-term finance.
“This latest agreement builds on those successes which continue to diversify our international funding sources and help underpin the delivery of our global growth programme.”
BG Group has a broad portfolio of exploration and production, Liquefied Natural Gas (LNG) and transmission and distribution business interests. It combines a deep understanding of gas markets with a proven track record in finding and commercialising reserves.
The company today announced the successful start-up of Greater Bongkot South project, offshore Thailand which should increase production capacity for BG Group in Thailand by 50% and will provide material new gas volumes for sale into a growing market.
Offshore Energy Today Staff, April 23, 2012; Image: BG Group