Magnolia LNG requests ground lease finalization
Perth-based LNG Limited’s Magnolia LNG unit requested the Lake Charles Harbor and Terminal District proceed with finalizing the ground lease for the Magnolia LNG project in the Port of Lake Charles, Louisiana, USA.
“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, Magnolia LNG’s CEO..
LNG Limited’s managing director and CEO, Greg Vesey, added that the pacing of the final investment decision (FID) and the start of construction depend on the finalization of the project’s LNG offtake agreements. The company intends to update on the status of the negotiations on March 31.
Magnolia LNG proposes to construct and operate up to four liquefaction production trains, each with a capacity of 2 mtpa or greater and the construction includes two 160,000-cbm LNG storage tanks, ship, barge, and truck loading facilities, and supporting infrastructure.