Magnolia progresses
The Magnolia project has received two positive pieces of news in the last few weeks, which helps move the process towards project sanction and possible first LNG in 2022. The Department of Energy (DoE) has authorised non-FTA exports for Magnolia’s LNG, following a decision by the US Federal Energy Regulatory Commission (FERC) to deny a rehearing on the Magnolia project requested by the Sierra Club. This is a big step as it allows for exports to all LNG markets globally including Europe, China and Japan. For the moment, we leave our valuation unchanged at A$1.3/share (falls slightly on an ADR basis to US$3.8), but note these announcements pave the way to signing offtake and financing agreements and project sanction in 2017/18.Liquefied Natural Gas is developing Liquefied Natural Gas Limited (LNG) export terminal projects in the U.S., Canada, and Australia. Co. focuses on the identification and progression of opportunities for the development of LNG projects to facilitate the production and sale of LNG. Co.'s segments are: LNG Infrastructure, which includes the aggregation of the Magnolia LNG project, Bear Head LNG project, and Fisherman's Landing LNG project; and Technology and Licensing, which focuses on the development of LNG technology, through research and development activities, and the advancement of each developed technology to the patent application stage or ability to commercialise the LNG technology.
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