Liquefied Natural Gas Ltd (LNG Ltd) has announced that its subsidiary, Magnolia LNG LLC, has signed a non-binding Heads of Agreement (HOA) with Vessel Gasification Solutions Inc. (VGS).
The HOA is in relation to the Magnolia LNG Project, located in Lake Charles, Louisiana, US. It provides for a 20 year Free-on-Board (FOB) Sale and Purchase Agreement (SPA) of up to 4 million tpy.
LNG Ltd’s Managing Director and CEO, Greg Vesey, said: “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.”
Gaurav Tiwari, President of VGS, added: “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 […] 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 US produced LNG to a key new market on the East Coast of India.”
Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/23012017/magnolia-lng-signs-hoa-with-vgs-inc/