MLNG, VGS sign LNG terminal agreement in India
Liquefied Natural Gas Ltd announced that its 100% owned subsidiary, Magnolia LNG, LLC has signed a Heads of Agreement (HOA) with Vessel Gasification Solutions, Inc. in relation to the Magnolia LNG Project, in Lake Charles, Louisiana, United States.
The non-binding HOA provides for a 20 year Free-on-Board (FOB) Sale and Purchase Agreement (SPA) of up to 4 MMtpy. The obligations of the parties are conditional upon MLNG’s satisfaction with or waiver of conditions precedent including financial close of the KGLNGT terminal and satisfaction by VGS of defined credit requirements underpinning their LNG purchases within agreed timeframes.
“We look forward to supplying long term volumes to the Indian market to meet their growing needs for clean energy. Overall, this agreement represents another important step forward for the MLNG Project,” said Greg Vesey, LNG Limited’s Managing Director & CEO.
“With the execution of this agreement, VGS is now in a prime position to execute on the first mover advantage we have established on India’s East Coast,” said Gaurav Tiwari, President of VGS. “We are very excited to take this step forward in our relationship with Magnolia, and we look forward to working with the Magnolia team to bring a significant tranche of U.S. produced LNG to a key new market on the East Coast of India.”
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