Liquefied Natural Gas Ltd: Magnolia LNG Project - Update from FERC
Perth) - On April 15, 2016 the US Federal Energy Regulatory Commission (FERC) granted Magnolia LNG, LLC (Magnolia), a wholly owned subsidiary of Liquefied Natural Gas Ltd. (ASX:LNG) (OTCMKTS:LNGLY) authority to site, construct, and operate new facilities (Magnolia LNG Project) at a proposed liquefied natural gas (LNG) terminal in Calcasieu Parish, Louisiana for the liquefaction and export of natural gas. Subsequently, on May 16, 2016, Sierra Club filed a request for rehearing.LNGL and Magnolia are pleased to report that on November 23, 2016, FERC issued its Order on Rehearing fully reaffirming its April 15, 2016 authorization of the proposed Magnolia LNG export facility. In doing so, FERC entirely rejected the Sierra Club's arguments, basing its rejection largely on recent decisions from U.S. federal appeals courts that have found FERC's approach is proper and consistent with U.S. Supreme Court precedent. FERC's issuance of the Order on Rehearing means that the U.S. Department of Energy (DOE) now will be able to continue processing Magnolia's pending application for LNG exports to countries that do not have free trade agreements with the United States (non-FTA).
LNGL's Managing Director & CEO Mr Gregory Vesey stated, "We are pleased with the FERC's decision on this matter and look forward to the US DOE processing Magnolia LNG's pending application to export LNG to non-FTA countries."
About Liquefied Natural Gas Ltd:
Liquefied Natural Gas Ltd. (ASX:LNG) (OTCMKTS:LNGLY) (LNGL) is an ASX listed company whose portfolio consists of 100% ownership of the following companies:
- Magnolia LNG, LLC (Magnolia LNG), a US-based subsidiary, which is developing an 8 mtpa or greater LNG export terminal, in the Port of Lake Charles, Louisiana, USA;
- Bear Head LNG Corporation Inc. (Bear Head LNG), a Canadian based subsidiary, which is developing an 8 mtpa or greater LNG export terminal in Richmond County, Nova Scotia, Canada with potential for further expansion;
- Bear Paw Pipeline Corporation Inc. (Bear Paw), proposing to construct and operate a 62.5 km gas pipeline lateral to connect gas supply to Bear Head LNG;
- Gladstone LNG Pty Ltd, a subsidiary which plans to develop the 3.5 mtpa Fisherman's Landing LNG (FLLNG) project at the Port of Gladstone in Queensland, Australia; and
- LNG Technology Pty Ltd, a subsidiary which owns and develops the Company's OSMR(R) LNG liquefaction process, a mid-scale LNG business model that plans to deliver lower capital and operating costs, faster construction, and improved efficiency, relative to larger traditional LNG projects.
Source: Liquefied Natural Gas Ltd.
Contact:
Mr. Greg Vesey Managing Director & CEO LNG Limited T: +1-713-815-6900 Mr. Mike Mott Chief Financial Officer LNG Limited T: +1-713-815-6900
