LNG

March 1 (LNGJ) - BG Group said it received initial approval from the Brazilian Development Bank (BNDES) for up to $1.8 billion of long-term finance to fund part of the company's interests in the pre-salt Santos Basin, offshore Brazil, where a floating LNG project is expected to be developed in the future The funding facility will be allocated to BG's share of local procurement and construction costs for the eight floating production, storage and offload (FPSO) facilities that will be owned by the UK company and its Santos Basin partners. By the second quarter of 2012, BG said it expected to agree terms with BNDES on finance with a 14-year term.