Magnolia LNG EPC Contract Extended
Perth, Nov 25, 2019 AEST (ABN Newswire) - Liquefied Natural Gas Limited (
ASX:LNG) (LI5:FRA) (LNGLY:OTCMKTS) has extended the validity period of its current binding engineering, procurement, and construction (EPC) contract with KSJV (a KBR - SKE&C joint venture led by KBR) for its 100% owned subsidiary, Magnolia LNG LLC (Magnolia LNG). The binding lump sum turnkey (LSTK) EPC US$4.623 billion contract providing an installed EPC cost/tonne of US$525 is now valid through June 30, 2020.
The agreement incorporates the 0.8 million tonnes per annum (mtpa) capacity uplift for Magnolia, which has received a draft Supplemental Environmental Impact Statement (SEIS) from the Federal Energy Regulatory Commission (FERC), for a total installed capacity of 8.8 mtpa. FERC is expected to complete its regulatory review of Magnolia's capacity uplift early next year.
About Liquefied Natural Gas Ltd
Liquefied Natural Gas Limited (
ASX:LNG) (OTCMKTS:LNGLY) (LNGL) is an ASX listed company whose portfolio consists of 100% ownership of the following companies:
- Magnolia LNG, LLC (Magnolia LNG), a US-based subsidiary, which is developing an eight mtpa or greater LNG export terminal, in the Port of Lake Charles, Louisiana, USA;
- Bear Head LNG Corporation Inc. (Bear Head LNG), a Canadian-based subsidiary, which is developing an 8 – 12 mtpa LNG export terminal in Richmond County, Nova Scotia, Canada with potential for further expansion;
- Bear Paw Pipeline Corporation Inc. (Bear Paw), which is proposing to construct and operate a 62.5 km gas pipeline lateral to connect gas supply to Bear Head LNG; and
- LNG Technology Pty Ltd, a subsidiary which owns and develops the Company's OSMR® LNG liquefaction process, a midscale LNG business model that plans to deliver lower capital and operating costs, faster construction, and improved efficiency, relative to larger traditional LNG projects.
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