LNG Ltd grabs another stake in Indian market

Newly listed Liquefied Natural Gas Limited (LNG) has had immediate success with a new Memorandum of Intent (MOI) for the 15 year supply of up to 365,000 tonnes per annum (1,000 tonnes per day) of liquefied natural gas to the customer’s operations in Southern India.

This new customer takes the company’s total LNG supply under MOI’s to up to 1,350,500 tonnes per annum (3,700 tonnes per day). The LNG will be used by the new customer to replace its current use of higher priced oil based products.

Managing director, Maurice Brand, said that the new deal was significant for the company as another step towards its contracted LNG sales target of 1,825,000 tonnes per annum (5,000 tonnes per day) by the June 30, 2005, as well as establishing a third region in Southern India where the Company plans to supply LNG.

Brand also said the emphasis over the near term will be on entering into LNG sales agreements for the MOI tonnage secured and accessing additional natural gas feedstock for the company’s planned LNG production plants.