QGC said on Monday that the ‘shareholding ministers’ has approved the sale of the 50% interest for $7.3 million cash, which it said it had more than raised through the current shareholders purchase plan.
The gas supply agreement with CS Energy provides for the delivery of between 4 and 6 petajoules (PJ) of gas per annum for 10 years, with CS Energy having the option to extend the contract for a further 5 years.
The gas supply agreement remains conditional on QGC securing development finance by 30 June 2005. QGC would begin the delivery of gas in the first half of 2006.
