Liquefied Natural Gas Limited has extended the validity period of its current binding engineering, procurement, and construction (EPC) contract for its Magnolia LNG project in the United States.
The binding lump-sum turnkey deal with the KSJV, a joint venture between LNG engineers KBR and SKE&C, worth $4.35 billion is now valid through June 30, 2018, LNG Limited said.
The company’s managing director and CEO, Greg Vesey, said, “Our EPC contract with KSJV is an important component of the overall de-risked position of the project.”
The initial agreement with KSJV was signed in November 2015 with an installed capacity EPC cost/tonne range of US$495 to US$544 based on the final design at final investment decision (FID).
Magnolia LNG, a US‐based unit of LNG Limited, is developing an 8 mtpa or greater LNG export terminal in the Port of Lake Charles in Louisiana.