LNG junior shortlists prospective projects

LIQUEFIED Natural Gas Limited yesterday said an agreement signed with UK-based shipping company Golar LNG would enable the two companies to investigate five prospective opportunities and bring several LNG projects to financial close in the short to medium term.

Golar is the world’s largest independent owner of LNG transportation and the only shipping company dedicated exclusively to LNG transportation.

In April, it became the largest shareholder in LNG Ltd, taking a 19.83% stake in the junior, and this week the two companies signed an agreement to jointly review and pursue LNG opportunities.

Golar chief executive Gary Smith said the agreement formalised the companies’ objective of pursuing joint development of a number of new LNG project opportunities and expanding its interests further into the LNG logistical chain.

LNG Limited managing director Maurice Brand said the agreement secures the Australian company’s access to the technical and financial expertise of Golar.

“As a result of work undertaken to date with Golar, the group has identified five prospective opportunities,” Brand said.

“This, combined with its shipping and general LNG experience, will open up further growth opportunities and greatly assist us to bring several LNG projects to financial close both in the short and medium term.”

LNG Ltd, which is listed on the Australian Stock Exchange, is focused on developing stranded gas and using its new processing technology to improve efficiency.

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