Liquefied Natural Gas obtains US approval for Magnolia Project

Company News

by David Chau

Perth-based company, Liquefied Natural Gas Ltd (ASX:LNG), has obtained export approval from the United States authorities in relation to its Magnolia Project.

The US Department of Energy has today authorised the company to export LNG, from its proposed facility in Lake Charles, Louisiana, to countries that have not entered a free trade agreement with the US.

The company says its Magnolia LNG facility will have capacity of at least 8 million metric tonnes per year.

It will also have up to four trains – each with a liquefaction capacity of 2 million tonnes per annum or more, as well as ship, barge and truck loading facilities.

Liquefied Natural Gas posted a net loss of $115.1 million at 30 June 2016.

David Chau

Finance News Network
David joined FNN in April 2016. In addition to presenting the Market Outlook and latest business news stories, David interviews senior economists and CEOs of ASX-listed companies. Prior to working for FNN, David was a litigation lawyer.