BG Group taps up Canada's export credit agency

Energy firm BG Group has signed a four-year credit agreement with Export Development Canada (EDC), Canada's export credit agency.

The $0.5bn agreement, which could be extended to a fifth year, "will build upon BG Group's existing relationships with Canadian service providers and will encourage BG Group to examine other potential procurement opportunities for Canadian goods and services across the group's global portfolio," the statement from BG said.

"In addition to this agreement, in the last 12 months we have successfully raised $5.6bn on the international bond markets; increased our uncommitted facilities to $4.5bn; signed a memorandum of understanding with the Bank of China for up to $1.5 bn of funding support; and, received initial approval from the Brazilian Development Bank for up to $1.8bn in long-term finance," revealed BG Group Chief Financial Officer, Fabio Barbosa.

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Earlier today BG Group said that production has started at its part-owned (22%) Greater Bongkot South field in the Gulf of Thailand.

The shares are taking a battering, however, down 38.5p to 1,377p towards the end of the lunch-time session, but that is more to do with a general shake-out in the resources sector following disappointing Chinese manufacturing data.

JH