LNG Limited extends Magnolia offtake deal with Meridian

LNG Limited extends Magnolia offtake deal with Meridian
Image courtesy of LNG Limited

LNG Limited, the Australian company developing two LNG export projects in North America, extended the offtake deal for Magnolia LNG it has with Meridian LNG Holdings. 

The company said in a statement the financial close date of their legally binding offtake agreement has been extended to September 30, 2018.

“This three-month extension continues to allow both parties to maintain commercial flexibility,” the statement reads.

Any specific agreements that have not been amended by the extension have remained in effect. The initial offtake deal was signed on July 23, 2015, when Meridian agreed to offtake 2 million tons of LNG per year from the Magnolia LNG project for a 20-year period.

The initial deal has an option for extension by a further five years.

The Magnolia LNG project, being developed in the Port of Lake Charles in Louisiana will have a production capacity of eight mtpa.

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