Magnolia LNG gets tax exemption incentive from Louisiana

Image courtesy of LNG Limited

Perth-based LNG Limited has received an Industrial Tax Exemption Program (ITEP) incentive for the Magnolia LNG project from the State of Louisiana.

LNG Limited said that the ITEP was awarded following the approval from the Louisiana Board of Commerce and Industry, local governments, and Governor of Louisiana.

The ITEP program is designed to offer a tax incentive for manufacturers who make a commitment to jobs and payroll in Louisiana.

Magnolia was eligible for the property tax incentive for a portion of the building and materials, machinery and equipment, and labor costs of a $4.35 billion project. Magnolia LNG will generate 1,500 construction jobs and 200 permanent direct positions for Louisiana.

According to the company, the savings from this exemption improve Magnolia’s competitiveness in the global LNG market and provide a boost towards a final investment approval.

The Magnolia LNG project proposes to construct and operate up to four liquefaction production trains, each with a capacity of 2.2 mtpa or greater.

Construction and operation include two 160,000-cbm full containment storage tanks, ship, barge, and truck loading facilities, and supporting infrastructure.

Share this article

Follow LNG World News

Events>

<< Jun 2019 >>
MTWTFSS
27 28 29 30 31 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30

LNGgc London

LNGgc is a fantastic way of raising attendees’ company profile within this market and creating greater awareness of their brand…

read more >

LNG Pricing, Trading & Hedging Singapore

LNG Pricing, Trading & Hedging training program has been completed by hundreds of leading traders, analysts, risk managers…

read more >

LNG Pricing, Trading & Hedging Houston

LNG Pricing, Trading & Hedging training program has been completed by hundreds of leading traders, analysts, risk managers…

read more >

World Gas Series: Morocco Summit

Bringing together key players in the gas value chain in Morocco, the World Gas Series:

read more >