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Update: BG agrees sale and charter of LNG carriers

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LNG Industry,

BG Group believes that its recent agreement with GasLog Ltd - for them to acquire two modern tri-fuel diesel electric (TFDE) LNG carriers for US$460 million- will provide the Group with flexibility in managing its future fleet requirements.

The LNG carriers are currently associated with a Pension Funding Partnership, which is one element of BG Group’s funding arrangements for the BG Pension Scheme. Consequently the majority of the proceeds from this sale will be utilised to support the funding of that scheme. The remaining net proceeds from the transaction (approximately US$100 million) will be used to reduce the Group’s net debt.

Closing of the transaction is expected in the first quarter of 2015. It is subject to the satisfaction of certain conditions, including the completion of definitive documentation.

Adapted from press release by

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