LNG Limited: Stonepeak commitment unaffected by Venture Global agreement

Perth-based LNG Limited on Wednesday said that its equity deal with Stonepeak Infrastructure Partners for Magnolia LNG project in the Port of Lake Charles in Louisiana is not impacted by the Venture Global LNG deal. 

To remind, Stonepeak agreed to provide a $1.3 billion equity investment in Venture Global LNG’s 10 million tonnes per annum (MTPA) Calcasieu Pass LNG export facility in Cameron Parish, Louisiana.

LNG Limited said in its brief social media statement that Stonepeak’s announcement with Venture Global LNG has no impact on the equity agreement for Magnolia LNG.

“Our agreement remains in place and our relationship with Stonepeak continues to be productive,” the statement reads.

LNG Limited and Stonepeak signed an equity investment deal for Magnolia LNG project in October 2013 initially and revised it July 2017.

Under the agreement, LNG Limited secured a $1.5 billion equity commitment by Stonepeak that would fund the full Magnolia LNG project equity requirement.

The Magnolia LNG project proposes to construct and operate up to four liquefaction production trains, each with a capacity of 2.2 mtpa or greater.

Construction and operation include two 160,000-cbm full containment storage tanks, ship, barge, and truck loading facilities, and supporting infrastructure.