LNG Ltd
(ASX:LNG) has been given the environmental tick of approval by the QLD Department of Environment and Resource Management for its liquefied natural gas project in Gladstone.
The granting of the Environmental Authority comes with certain conditions including that the company monitor the construction and operation of the plant at Fisherman’s Landing to make sure the likelihood of environmental harm is minimised.
The approval also carries the condition that LNG provide a financial assurance bank guarantee of $789,263 to pay for the cost of site remediation once the design life of the plant has been reached.
Managing director Maurice Brand says the granting of the EA is a milestone for the company and the first EA to be granted for an LNG plant in Gladstone.
Mr Brand says it is of major significance that the EA is based on using the company’s OSMR technology which is 30% more efficient than traditional LNG processes thereby consuming 30% less fuel in the LNG plant and producing 30% less CO2 emissions.
Taking a look at the company’s results, LNG posted a loss for the 2009 financial year.
