Liquefied Natural Gas Limited (LNG Ltd) has announced that its 100% owned subsidiary, Gladstone LNG Pty Ltd, has extended the Fisherman’s Landing LNG project Site Agreement for Lease with the Gladstone Ports Corp.
LNG Ltd also confirmed that Gladstone LNG has also secured an option to further extend the agreement on the same terms (with an inflation index) through to 31 March 2018. This option is subject to the provision of appropriate evidence demonstrating to Gladstone Ports Corp. that the Fisherman’s Landing LNG project remains a positive investment intention. The extension consideration reflects the existing option provision within the GPC Site Agreement for Lease. There were no other changes to the Site Agreement for Lease originally signed on 4 May 2010.
The Fisherman’s Landing LNG project is located in Gladstone, Queensland, Australia.
LNG Ltd’s Managing Director and CEO, Maurice Brand, said: “The extension of the Site Agreement for Lease with the Gladstone Ports Corp. helps us progress towards recommencing the development of the [Fisherman’s Landing LNG] project . LNG Ltd continues to investigate opportunities for gas supply to the [Fisherman’s Landing LNG] project and discussions with potential LNG buyers supplying the Asian market are ongoing.”
Mr Brand added: “No significant capital commitment to the [Fisherman’s Landing LNG] project will occur until binding agreements are materially advanced. The costs associated with this extension and support services falls within the company’s existing three year cash management plan.”
Edited from press release by Callum O'Reilly
Read the article online at: https://www.lngindustry.com/liquefaction/07032016/lng-ltd-extends-lease-at-fishermans-landing-lng-project-2078/