Magnolia LNG Extends Closing Date for Meridian LNG Tolling Agreement
Today, Magnolia LNG, LLC announced that Magnolia and Meridian LNG Holdings Corp (Meridian LNG) have agreed to extend the financial close date condition precedent for Magnolia LNG from June 30, 2016 to December 31, 2016. In 2015, Magnolia announced that it had entered into a tolling agreement with Meridian LNG for firm capacity rights for up to 2 million tonnes of LNG/year at Magnolia LNG’s proposed liquefaction and LNG export terminal at Lake Charles, La. According to the press release, the “financial close date for the Magnolia LNG project is dependent on the execution of further binding offtake agreements the timing of which is uncertain due to current market conditions. The extension of time with Meridian LNG provides additional time for Magnolia LNG to finalise additional offtake agreements….”