EXMAR and LNG Partners Align for BC LNG Project

MarineLink.com
Tuesday, September 03, 2013

Following execution of a Letter of Intent (LOI) by EXMAR with LNG Partners, LLC and LNG BargeCo BVBA for the long-term charter of a floating liquefaction and storage unit (FLSU) to serve the BC LNG Project near Kitimat, British Columbia, Canada, EXMAR and LNG Partners announced today that they have taken a number of additional steps to solidify their alliance.

As a focal point for the alliance, the two companies have invested in a joint venture company appropriately named Marching Prospect Limited. The new company will acquire interests in the BC LNG Project upstream of the FSLU.

In addition, EXMAR has made a loan of $50,000,000 (CAD) to finance a nonrefundable deposit for construction of the FSLU. This nonrefundable deposit enabled the project to meet a deadline set by Pacific Northern Gas Ltd. (PNG); if the deadline had not been met or extended, this would have resulted in the project’s key Gas Transportation Service Agreement (GTSA) to have been terminated and would have allowed PNG to withdraw the full amount of the cash collateral which had previously been placed into escrow as liquidated damages for termination of the GTSA. The $50,000,000 (CAD) is the largest amount dedicated to the project by any participant to date.

LNG Partners has also granted EXMAR the option to purchase 50% of the LNG cargos to be produced by the FSLU and EXMAR has granted LNG Partners as well as the other parties currently involved with the project an option to acquire an interest in the FSLU. Various aspects of the alliance are subject to the approval of third parties, including the BC LNG Project Steering Committee of which LNG Partners is a voting member, and to the execution of the definitive charter for the FSLU.

exmar.be

Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

China Shipyards Bag the Week's Ocean-going Newbuild Orders

Reported ordering this week has been exclusively focussed on the Chinese yards, says Clarkson Hellas in their latest 'S&P Weekly Bulletin'. Dry bulk carriers COSCO

USNS Ship Rescues Nine in Gulf of Oman

'USNS Richard E. Byrd' (T-AKE 4), a Lewis and Clark-class dry cargo ship, rescued 9 crew members from a Yemeni-flagged cargo vessel 'Asaed' that had lost power,

Scorpio Tankers Report Q2, 1H 2014 Profit Slip

Scorpio Tankers Inc. has reported its results for the three and six months ended June 30, 2014. Highlights excerpted here as follows: Results for the three months ended June 30,

Fuels & Lubes

Tripoli Airport Ablaze, Rockets Leave Libya in Chaos

Diplomats flee Libyan chaos; Politicians appeal for international intervention. Clashes in Tripoli, Benghazi kill around 160 over two weeks, while Libyan capital face fuel, power shortages.

Europe Sleep Walking into an Energy Crisis: Analyst

The downing of flight MA17 has prompted calls for further sanctions on Russia targeted at its energy sector. Douglas-Westwood in its 'DW Monday' analysis considers

Danish Bunker Trader Joins GAC in London

GAC Bunker Fuels says it has appointed former GAC Denmark Shipping Assistant Ida Ryberg as a Bunker Trader with its UK team. Ryberg joins Andy Boichat and Resham

LNG

ABS to Class the World's First CNG Ship

ABS announced it has been chosen to class the world's first compressed natural gas (CNG) carrier ordered by Pelayaran Bahtera Adhiguna, a subsidiary of Indonesia's

FLNG Prelude: A New Dawn in the Age of Maritime & Energy

Longer than four football fields, as big as six Nimitz-class aircraft carriers and almost as tall as the Taipei 101 skyscraper, Royal Dutch Shell PLC is hoping that its record-setting,

LNG to Acquire Bear Head LNG Project in Canada for US$11 mi

Liquefied Natural Gas Limited today announced that it has significantly expanded its presence in the North American Liquefied NaturalGas (LNG) sector by signing

News

Control of Emission from Vessels in Hong Kong Waters

Amendments to the Shipping and Port Control Ordinance (Cap. 313) and the Merchant Shipping (Local Vessels) Ordinance (Cap. 548) to enhance the control of dark

Holland America Line Offers ‘Explore 4’ Early Booking

Holland America Line knows the trend for savvy travelers is to book vacations well in advance. To encourage those early bookings the line is returning with its

Aker Philadelphia Shipyard ASA: Purchase of own shares

Aker Philadelphia Shipyard AKPS), a leading U.S. commercial shipyard constructing vessels for operation in the Jones Act market, has on July 25, 2014 purchased 1,

 
 
Maritime Contracts Maritime Standards Naval Architecture Offshore Oil Pod Propulsion Port Authority Salvage Ship Electronics Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1099 sec (9 req/sec)