Golar LNG Agrees To Sell Gladstone LNG To Toyota Tsusho Corp

Norway's Golar LNG Ltd. (GLNG) said Thursday it has agreed to sell gas from a proposed liquefied natural gas project in Queensland state to Toyota Tsusho Corp. (8015.TO), which is one of Japan's Toyota Group of companies.

Golar LNG said it has signed a heads of agreement with Toyota Tsusho to sell it approximately 1.5 million metric tons of LNG a year from Liquefied Natural Gas Ltd.'s (LNG.AU) proposed Fisherman's Landing LNG plant at Gladstone for 20 years from 2014, with a separate "build up" period commencing in 2012.

Golar LNG and Liquefied Natural Gas Ltd. have agreed to take a 40% interest each in the Fisherman's Landing project and Arrow Energy Ltd. (AOE.AU), which has agreed to provide feed gas to the plant, has an option to take a 20% stake in the project.

Toyota Tsusho intends to discuss taking a minority stake in the project, Golar LNG said.

Golar LNG had already agreed to offtake gas from the project and has been searching for an end buyer.

By Ross Kelly, Dow Jones Newswires; 61-2-8235-2957; [e-mail]