LNG Limited has announced that, through its 100% owned project company Magnolia LNG, it has reached an agreement with Meridian LNG Holdings Corp. to extend the financial close date of their legally binding offtake agreement to 31 December 2018.
LNG Limited claims that this three-month extension continues to allow both parties to maintain commercial flexibility. According to the statement, all other provisions of the governing agreements not specifically mentioned by this extension remain in full force and effect.
The agreement between LNG Limited and Meridian LNG was signed on 23 July 2015, and included firm capacity rights at Magnolia for up to 2 million tpy for an initial term of 20 years with an option to extend by an additional five years.
Read the article online at: https://www.lngindustry.com/liquefaction/27092018/lng-limited-and-meridian-lng-extend-financial-close-date-of-offtake-agreement/