Magnolia LNG Project - Update from DOE
Perth, Dec 1, 2016 AEST (ABN Newswire) - Liquefied Natural Gas Limited (
ASX:LNG) (LNGLY:OTCMKTS) (LNGL or the Company) is pleased to announce that the US Department of Energy (DOE) has announced today its decision granting LNGL's Magnolia LNG Project authorization to export liquefied natural gas from the proposed facility in Lake Charles, Louisiana, USA to countries with which the United States has not entered into a free trade agreement (non-FTA approval).
Greg Vesey, LNGL Managing Director and CEO, advised, "Our Magnolia project team is very pleased to have successfully received this final piece of the regulatory framework enabling our Magnolia LNG project to export US-produced natural gas to the global energy market. We recognize and appreciate the hard work and timely efforts put in by the DOE and other cooperating agencies in reaching this decision. Going forward, we are well underway in progressing on the final offtake milestones to enable us to move this leading energy efficient, innovative and low cost project into the construction and operations phases."
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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