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LNGL and DeltaOE sign LNG delivery MOU

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LNG Industry,

LNG Ltd. (LNGL) and Delta Offshore Energy (DeltaOE) have signed a non-binding memorandum of understanding (MOU) for the delivery of 2 million tpy of US LNG from Magnolia LNG to the Bac Lieu project in Vietnam.

DeltaOE is negotiating a 25-year power purchase agreement (PPA) with Electricity Vietnam Group (EVN) to underpin the Bac Lieu project, and concurrently progressing a binding sale and purchase agreement (SPA) with LNGL for 2 million tpy from Magnolia. The SPA will (once agreed) remain subject to LNGL taking a financial investment decision (FID).

LNGL Executive Chairman, Managing Director, and CEO, Greg Vesey commented: “With significant end-user LNG demand, Vietnamese and Southeast Asian customers are a major priority for LNGL, and we will continue our efforts to grow our potential commercial opportunities in the region beyond the existing MOU. Delta Offshore Energy is leading by example becoming the first registered energy infrastructure project in Vietnam to be fully supported through foreign direct investment, mainly from the US. We remain very pleased to be part of this momentous undertaking.”

LNGL has congratulated Delta Offshore Energy on the receipt of an Investment Registration Certificate (IRC) for its 3200 MW LNG-to-power project in Vietnam’s Bac Lieu Province (Bac Lieu project). LNGL understands that the IRC is the final regulatory approval required for the Bac Lieu project.

LNGL has also expressed gratitude to the members of the Bac Lieu Province People’s Committee and the National Steering Committee on Vietnam’s Energy Development for their approval of DeltaOE’s IRC following the recent inclusion of the Bac Lieu project in Vietnam’s Power Development Plan 7 Revised (PDP7R).

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