Liquefied Natural Gas Limited (ASX:LNG) has executed an EPC term sheet with SK and E&C USA for the first phase of the Magnolia LNG Project. The gas producer says the engineering, procurement and construction term sheet details over 45 key commercial provisions.
The Magnolia LNG Project comprises the development of an 8 million tonne per annum export project in Louisiana in the US.
The first stage comprises two LNG trains, two storage tanks, a jetty and ship loading facility.
CEO John Baguley says the Front End Engineering Design by SK and E&C is progressing on schedule and on budget.
Liquefied Natural Gas reported a net loss of $7.7 million in the first half of the 2014 financial year.
