UK: BG LNG Profit Rises 25 Percent

BG of UK said that its LNG total operating profit of $1 406 million in the first half of 2012 was 25% higher than last year as a result of favourable market conditions, with continuing strong demand for cargo deliveries outside of the USA, particularly from Asia.

BG Group delivered 91% of cargoes (2011 84%) to global markets outside the USA including 61 to Asia, 26 to South America and 3 to Europe (2011 41 Asia, 23 South America and 19 Europe).

Deliveries to Japan increased from 11 to 32, reflecting record demand as a result of the combined effects of further nuclear units going offline and stronger economic performance.

As a consequence of these additional deliveries to Japan, fewer cargoes were delivered to Europe.

BG Group’s share of total operating profit from liquefaction activities increased by 2% to $171 million.

Capital investment on a cash basis of $1 333 million was primarily associated with the development of the QCLNG project.

[mappress]

LNG World News Staff, July 26, 2012