LNG

Dec 23 (LNGJ) - Australian company LNG Ltd., developer of the US Magnolia LNG export project in Louisiana, is extending the validity of its signed engineering, procurement and construction contract for a second time with US engineering firm KBR and South Korea’s SK Engineering and Construction. This is because the Magnolia project has insufficient firm supply contracts to move forward with building. The EPC contract was previously extended by eight months in April 2016 and the parties have agreed to an interim extension through January 31, 2017, as a bridging step to agreement on a longer term extension. “We are pleased to continue to be working closely with KBR-SK E&C as well as other key contractors and suppliers to maintain momentum on the Magnolia LNG project as we finalize LNG offtake agreement efforts,” said LNGL Chief Executive Greg Vesey.