QCLNG Pipeline owns a 543km, large-diameter underground pipeline network, which links BG Group’s natural gas fields in southern Queensland to a two-train liquefied natural gas (LNG) export facility at Gladstone on Australia’s east coast.
BG Group interim executive chairman Andrew Gould said: "We are pleased to have entered into an agreement for the sale of this high-quality infrastructure with a bidder the calibre of APA Group.
"The sale of the QCLNG pipeline is in line with our strategy to focus on BG Group’s core areas of oil and gas exploration and production and LNG.
"The timing reflects QCLNG’s advanced stage of development; we are now on the verge of delivering the world’s first large-scale project using natural gas from coal seams as a feedstock for LNG."
The transaction would result in a post-tax profit of approximately $2.7bn on completion, scheduled in the first half of 2015.
The sale proceeds will be used by the BG Group to reduce net debt as well as to fund future growth investment.
The $1.6bn pipeline was constructed between 2011 and 2014.
The sale is conditional on the commercial LNG deliveries (post commissioning) from the QCLNG export facility at Gladstone and on partner consent.
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