Liquefied Natural Gas Limited is pleased to advise that its wholly owned subsidiary, Magnolia LNG LLC has requested the Lake Charles Harbor and Terminal District proceed with finalizing the ground lease for the Magnolia LNG project located in the Port of Lake Charles, Louisiana.
“The Lake Charles port property was originally secured under an option agreement in 2013, and finalizing the ground lease is critical to maintaining the status of our Magnolia project as fully construction ready”, said John Baguley, Chief Operating Officer for Magnolia.
“A significant element of our success is the superiority of this site as well as the capacity of the Lake Charles Harbor & Terminal District and their experience in the successful operation of the port, including more than 30 years of excellence in LNG shipping operations. We look forward to working closely with the port to extend this enviable record far into the future.” Greg Vesey, Managing Director & CEO of LNGL, further advised,
“Obviously, we are pleased to enter into this long-term partnership with the Lake Charles Harbor & Terminal District. Still, the pacing item for our Final Investment Decision and initiation of construction for Magnolia remains finalization of our LNG offtake agreements. An update on our current status and strategies in this regard has been previously announced on Friday, 31 March.”
