Key Developments: BG Group PLC (BG.L)
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Latest Key Developments (Source: Significant Developments)
BG Group plc Eyes Australia LNG Project Stake Sale To TOKYO GAS CO LTD-Reuters
Reuters reported that TOKYO GAS CO LTD is in talks to buy a less than 10% stake in BG Group plc's Australian liquefied natural gas project. The deal includes the purchase of 1 million tonnes of LNG a year from the Australian project, which is under development. Full Article
BG Group PLC To Sell 65.12% Stake In Gujarat Gas Co Ltd For INR2,463 Crore (INR24.63 Billion) To Gujarat State Petroleum Corp's GSPC Distribution Networks Ltd-Business Standard
Business Standard reported that BG Group PLC said it has reached an agreement to sell its majority stake in Gujarat Gas Co Ltd (GGCL) to the state government-run GSPC for over INR2,460 crore (INR24.60 billion). BG Group PLC said it will sell its 65.12% stake in GGCL to GSPC Distribution Networks Ltd (GDNL), a subsidiary of Gujarat State Petroleum Corp (GSPC). The transaction, which is subject to regulatory approvals, is scheduled to be completed during the first half of 2013. GDNL is buying GGCL shares at INR295 apiece and it will pay INR2,463.8 crore (INR24.638 billion) to BG Group for the acquisition. The agreement involves the sale of BG Asia Pacific Holdings Pte Ltd's 65.12% controlling interest in GGC. Full Article
BG Group PLC Signs Agreement With Japan Bank For International Cooperation
BG Group PLC announced that it had signed an agreement with the Japan Bank for International Cooperation (JBIC) aimed at supporting the long-term supply of liquefied natural gas (LNG) to Japan and creating opportunities for Japanese companies to participate in energy projects around the world. Full Article
Enagas SA Acquires 20% Stake In GNL Quintero SA From BG Group PLC-Reuters
Reuters reported that Enagas SA acquired from BG Group PLC a 20% stake in GNL Quintero SA, the operator of a liquefied natural gas terminal in central Chile, for the amount of USD 176 million. Previously, BG Group PLC said it would sell a 40% equity interest in GNL Quintero SA as part of its noncore assets' divesting plan. BG Group PLC is expected to sell to Enagas SA the remaining 20% stake for another USD 176 million by the end of fiscal year 2012. Full Article
Spectra Energy Corp Announces Project Development Agreement With BG Group PLC For New Natural Gas Transportation System In British Columbia
Spectra Energy Corp announced that the company has signed a Project Development Agreement with BG Group plc to jointly develop plans for a new natural gas transportation system from northeast B.C. to serve BG Group's potential liquefied natural gas (LNG) export facility in Prince Rupert, on the province's northwest coast. Spectra Energy and BG Group will each initially own a 50% interest in the proposed transportation project. Spectra Energy will be responsible for construction and operation and BG Group has agreed to contract for all of the proposed capacity. Full Article
BG Group PLC Announces Interim Dividend
BG Group PLC announced that the Board has approved the payment of an interim dividend of 11.88 cents per share. This is half of the 2011 total dividend, in accordance with the Board's established policy. The interim dividend has been converted to Sterling at the average of the daily spot rates for the three business days prior to the business day before this announcement and will be paid on 7 September 2012 as 7.64 pence per share to shareholders on the register as at 3 August 2012. Full Article
BG Group PLC Announces $500 million To hybrid Bond Issuance
BG Group PLC announced it has added a US dollar denominated hybrid bond to the long dated sterling and euro denominated hybrid bonds issued earlier this week. The size of the new issue is $500 million, taking the total raised across all three currencies to $2.07 billion. The new bonds, which have a coupon of 6.5%, have the same principal terms and conditions as the sterling and euro issues and mature on the same date in 2072. Settlement will occur June 27, 2012, subject to standard settlement conditions. Full Article
BG Group PLC Sells Interest In Philippines Power Plants To Its Partner In The Facilities, First Gen Corporation
BG Group PLC announced it had reached agreement to sell its 40% equity interest in two gas-fired power generation plants in the Philippines to its partner in the facilities, First Gen Corporation, for net cash proceeds of $360 million. The sale and purchase agreement, completed on signing, covers the 1 000 megawatt Santa Rita power plant and the 500 megawatt San Lorenzo power plant, both on the island of Luzon. Full Article
First Gen Corp.'s Subsidiary Acquires Lisbon Star Management Limited From BG Group's BG Asia Pacific Holdings Pte Limited
First Gen Corp. announced that on May 30, 2012 the Company has acquired from BG Asia Pacific Holdings Pte Limited (BGAPH), a member of the BG Group, the entire outstanding capital stock of Lisbon Star Management Limited (ISML), a company incorporated in the British Virgin Islands. The acquisition was made through First Gen's wholly owned subsidiary, Blue Vulcan Holdings Corp (BVHC). LSML's wholly owned subsidiaries in the Philippines, BG Consolidated Holdings (Philippines Holdings (Philippines), Inc. and BG Philippines Holdings, Inc., own 40% of the outstanding capital stock of First Gas Holdings Corporation (FGHC), FGP Corp. (FGP) and First NatGas Power Corporation (FNPC) (collectively, the First Gas Projects). Following the acquisition of LSML, First Gen will beneficially own 100% of the Santa Rita and Ssan Lorenzo power projects. The net consideration paid by BVHC to BGAPH for the 40% equity interests in the First Gas Projects owned by LSML is USD 360 million. Full Article
First Philippine Holdings Corporation Terminates Joint Venture Agreement With BG Group
First Philippine Holdings Corporation announced that it has executed a Deed of Termination and Release in relation to its joint venture agreements with the BG Group for the First Gas projects in Batangas. The termination of its joint venture with the BG Group was made pursuant to the acquisition by Blue Vulcan Holdings Corp. (BVHC) of the entire outstanding capital stock of Lisbon Star Management Limited (LSML), a company incorporated in the British Virgin Islands, from BG Asia Pacific Holdings Pte. Limited, a member of the BG Group. BVHC is a wholly owned subsidiary of First Gen Corporation (First Gen), which is in turn a subsidiary of FPH. Full Article
UPDATE 2-BG tightens focus on exploration, LNG, dealmaking
* Shares up over 3 pct, lead European oil and gas stocks higher (Writes through with details, CEO comments)
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