LNG Limited’s unit Magnolia LNG has achieved the milestone set for finalization of the engineering, procurement and construction joint venture agreement between the selected MLNG joint venture contractor parties in support of continued advancement of the MLNG project.
KBR and SK E&C USA, who will deliver the EPC phase of the MLNG project, have completed the execution of the formal joint venture agreement. The executed JVA calls for KBR to provide the Project Director for the Joint Venture, while SK E&C USA will provide the Deputy Project Director, with a 70%‐30% KBR‐SK ownership structure in the JV as originally planned.
A three‐member Executive Committee (one member from SK and two from KBR) will be formed to provide oversight to the EPC execution team under the management of the Project Directors. The project task force team will be located in the KBR Tower in downtown Houston, where project activities under the current Technical Services Agreements leading to the EPC Contract are underway.
Maurice Brand, LNG Limited’s’s Managing Director and Chief Executive Officer, said “this signing of the joint venture agreement formalizes the EPC contractor arrangement for Magnolia LNG that was established under the MOU originally signed between MLNG, KBR and SK E&C USA in December 2014. The JVA encompasses the full four‐train, 8 mtpa planned capacity of the MLNG facility and supports our planned transition into the EPC project phase in 2015.”
Image: LNG Limited