LNG applies for greater export capacity
PERTH (miningweekly.com) – ASX-listed Liquefied Natural Gas (LNG) has applied to the US Department of Energy (DOE) to increase its export capacity for the Magnolia LNG project, in Louisiana.
MD Maurice Brand said on Wednesday that discussions were being held with potential new tolling parties, which had increased demand for LNG from Magnolia to over eight-million tonnes a year.
“The increased level of DOE approvals being sought will allow Magnolia LNG to progress tolling agreements for the additional two LNG trains, each of two-million tonnes a year.”
LNG has applied to export up to eight-million tonnes a year of LNG to countries that do not have a free trade agreement with the US, and to export an additional four-million tonnes of LNG a year to countries that currently, and in future, will have free trade agreements with the US.
Under its current agreement with the DOE, LNG is allowed to export up to four-million tonnes a year of LNG to countries with a free trade agreement with the US.
Brand said that the applications to the DOE would not affect the timing of the financial close of the first phase of Magnolia’s development, which was scheduled for the first half of 2015.
Should these additional approvals be authorised, it would provide LNG with increased flexibility to support LNG to a greater number of countries. The overall development plan remains at eight-million tonnes a year, and project approvals were being sought.
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