LNG Limited halts efforts to redomicile to USA
Liquefied Natural Gas Limited has put a halt on all activity related to the redomicile of the company to the United States in order to focus on current business.
LNGL’s managing director and CEO, Greg Vesey said,“the board’s decision allows management to maintain its focus on marketing the offtake at Magnolia LNG and Bear Head LNG.”
He said that the company is continuing to monitor market conditions to potentially re-engage on the redomiciling efforts at an optimal time. LNG Limited looks to focus on opportunities to create additional long-term value for LNGL shareholders, and to strengthen liquidity.
Chairman of LNG Limited Paul Cavicchi, added the company will be brought to the U.S. market at an appropriate time best suited to maximize investor value.
“A U.S. listing is the right step for LNGL, but we must ensure we proceed deliberately and remain attentive to all shareholder expectations,” he said.
LNG Limited is developing two liquefied natural gas export projects, the 8 mtpa Magnolia LNG project in the Port of Lake Charles, Louisiana and the 12 mtpa Bear head LNG project in Richmond County, Nova Scotia, Canada.