Energy

Australia's Icon Energy inks LNG deal with China

(Agencies)
Updated: 2010-04-08 15:31
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Australian coal-seam gas minnow Icon Energy, which has no existing liquefied natural gas (LNG) projects, said on Thursday it had signed a multi-billion-dollar deal with a Chinese firm to sell LNG.

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Icon Energy said it had signed a non-binding memorandum of understanding with a unit of China's SinoGas Group to sell 40 million tons of LNG over 20 years and expects to finalise detailed terms of the agreement by August.

Brisbane-based Icon added that depending on oil prices, the export value of the agreement was worth between A$23 billion ($21.3 billion) and A$32 billion. It did not say when the deal would commence.

Icon could not immediately be reached for comment and the firm's website showed that it has not yet begun regular production from its coal-seam gas tenements in Australia.

Icon said it plans to supply the gas from its current tenements in South Australia and Queensland states, arrangements with existing joint venture partners and securing more tenements.

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