Liquefied Natural Gas Limited, the Perth-based developer of the Magnolia LNG project, extended the financial close date for legally binding offtake deal with Meridian LNG Holdings to March 31, 2018.
All other provisions of the governing agreements not specifically amended by this extension remain in full force and effect, LNG Limited said in a statement on Monday.
LNG Limited’s agreement with Meridian LNG was signed on July 23, 2015, and included firm capacity rights at Magnolia for up to 2 million tons per annum (mtpa) for an initial term of 20 years with an option to extend by a further five years.
The Magnolia LNG project being developed in the Port of Lake Charles, Louisiana, will have a liquefaction capacity of 8 million tons per annum.
LNG Limited is also developing the Bear Head LNG project with the capacity of 8 mtpa in Richmond County, Nova Scotia, Canada with potential for further expansion.