New Managing Director & CEO Appointed
Perth, April 4, 2016 AEST (ABN Newswire) - Liquefied Natural Gas Limited (LNGL) (
ASX:LNG) (LNGLY:OTCMKTS) is pleased to announce the appointment of Mr. Gregory (Greg) M Vesey as Managing Director and Chief Executive Officer of the Company effective April 4, 2016, based in Houston, Texas. Mr. Vesey succeeds Company founder Mr. Maurice Brand who will continue as an Executive Director, based on his existing Employment Agreement, until his retirement by June 2017.
Recognizing Mr. Brand's achievements, LNGL Chairman Mr. Richard Beresford thanked Maurice on behalf of the Board, citing his vision and enormous contribution as founder and Managing Director in developing the Company to its current position. Mr. Beresford further stated that, as advised to shareholders in 2015, Mr. Brand's contract runs through June 2017 and he has advised the Board that he would not seek an extension.
After conducting a comprehensive search the Board is delighted to announce Greg's appointment. Greg brings a wealth of experience through his 35 years with Chevron Corporation where his responsibilities most recently included Chevron's Global Gas marketing and trading activity including extensive LNG development work. Previous appointments covered the introduction of new technology, international operations and included commercial and execution responsibilities as well as liaising with stakeholders.
Mr. Vesey said he is excited to join LNGL and lead the next phase of its project and corporate development. "While the LNG industry is under pressure in the short term, the LNGL business model of mid-scale LNG projects using its wholly owned OSMR(R) Technology combined with its portfolio of projects in Magnolia LNG, Bear Head LNG and Fisherman's Landing LNG enables the Company to be successful globally. I look forward to working with Maurice, the LNGL staff and Board, and to meeting our shareholders, strategic partners and current and potential customers in the months ahead," said Mr. Vesey.
Mr. Vesey held senior executive roles in the international energy sector through a distinguished career at Chevron. He was President of Chevron Natural Gas & Vice President Gas Supply and Trading from 2011 to 2015 where he was responsible for Chevron's global LNG, natural gas, and natural gas liquids marketing and trading activity. In his previous assignments he was President of Chevron Global Power Company as well as President of Chevron Technology Ventures.
Externally, he recently completed a four-year term on the board of the Natural Gas Supply Association of America, serving the last two years as Chairman. Mr. Vesey graduated from Northwestern State University of Louisiana in 1980 with a degree in Business.
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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