BG Group to Sell Stake in Curtis Island LNG to CIC

BG Group is planning to sell part of its equity stakes in the Curtis Island liquefied natural gas (LNG) project to China Investment Corp.

The British firm is keen on divesting around 15-20% stake in the project in which it holds 93.75% share. The move is aimed at raising funds for other projects, Reuters said.

The deal is expected to fetch some $2 billion dollars, and has attracted bidders including CNOOC Ltd., Qatar Petroleum and several Japanese energy firms. First-round bidding will take place in early June.

The $15 billion Curtis Island LNG project sits on an area of 270 hectares on the eastern coast of Australia. It has an annual production capacity of 8.5 million tonnes, with possible expansion to 12 million tonnes per annum.