OTTAWA, April 23, 2012 /CNW/ - Export Development Canada (EDC) today announced it has provided USD 500 million in financing to BG Energy Holdings Limited (BG), an English natural gas company with global operations, for general corporate purposes.
EDC's involvement is predicated upon the strong potential for Canadian supply and services into BG's various projects, and the interest already demonstrated by BG for Canadian expertise in their Australian, American and Brazilian operations.
"BG is a strategic partner for the Canadian oil and gas sector given its size, global presence and significant growth plans, particularly in key markets where Canadian exporters have experience and expertise," said Rajesh Sharma, Senior Vice-President, Business Development, EDC.
Over the past five years (2006-2010), EDC has helped 783 Canadian companies undertake more than CAD 3.3 billion in business in Australia, primarily in the information communication and technology, transportation and extractive (mining, oil and gas) sectors.
Through its participation in international financing facilities, EDC is able to leverage its financial capacity towards raising awareness of Canadian suppliers and influencing procurement decisions. Over time, these foreign companies tend to purchase more than the amount of the original loan. At the end of 2010, these types of loans in place for four or more years had, on average, generated exports equal to 139 per cent of the original loan value, or CAD 9.7 billion in exports compared to CAD 7 billion in loans.
BG Group plc (LSE: BG.L) is a world leader in natural gas, with a strategy focused on connecting competitively priced resources to specific, high-value markets. Active in more than 25 countries on five continents, BG Group has a broad portfolio of exploration and production, Liquefied Natural Gas (LNG) and transmission and distribution business interests. It combines a deep understanding of gas markets with a proven track record in finding and commercialising reserves. For further information visit: www.bg-group.com.
EDC is Canada's export credit agency, offering innovative commercial solutions to help Canadian exporters and investors expand their international business. EDC's knowledge and partnerships are used by more than 7,700 Canadian companies and their global customers in up to 200 markets worldwide each year. EDC is financially self-sustaining and a recognized leader in financial reporting and economic analysis.
For further information:
Export Development Canada
Tel: (613) 598-2904
Blackberry: [email protected]