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

People & Company News

Jee to Host Subsea Installation Analysis Webinar

Webinar to focus on optimizing subsea installation analysis, helping companies minimize offshore time and costs. Jee Ltd., an independent subsea engineering and training company,

Harris Secures Certification for its Multi-channel Manpack Radio

Harris Corporation (NYSE:HRS) has received Type-1 National Security Agency (NSA) certification for its Falcon III® RF-340M multi-channel manpack radio. The certification

Lithuania Inks First Statoil LNG Deal

Lithuania seeks to cut dependence on Russia; Statoil to supply 0.54 bcm of gas per year. This will cover about 20 pct of Lithuania's demand. Lithuania signed

Fuels & Lubes

Lithuania Inks First Statoil LNG Deal

Lithuania seeks to cut dependence on Russia; Statoil to supply 0.54 bcm of gas per year. This will cover about 20 pct of Lithuania's demand. Lithuania signed

'Double Jeopardy – Trial by Media, Trial by Law' London Opening

BIMCO notes that the highly acclaimed "Double Jeopardy - trial by media, trial by law" first showcased at the BIMCO AGM in Dubai earlier this year is to be brought

Doosan Delivers a ‘World’s First’ to NASSCO

Doosan Engine has confirmed delivery of the world’s first dual-fuel, low-speed ME-GI engine to the American National Steel and Shipbuilding Company (NASSCO) shipyard in San Diego, USA.

LNG

Lithuania Inks First Statoil LNG Deal

Lithuania seeks to cut dependence on Russia; Statoil to supply 0.54 bcm of gas per year. This will cover about 20 pct of Lithuania's demand. Lithuania signed

LNG Carriers GasLog Financial Results Q2 2014

GasLog Ltd. and its subsidiaries, an international owner, operator and manager of liquefied natural gas carriers, has reported its financial results for the quarter ended June 30,

GoM Sale Yields $110m in High Bids

As part of President Obama’s all-of-the-above energy strategy to continue to expand safe and responsible domestic energy production, today’s Western Gulf of Mexico Lease Sale 238 attracted $109,

News

Jee to Host Subsea Installation Analysis Webinar

Webinar to focus on optimizing subsea installation analysis, helping companies minimize offshore time and costs. Jee Ltd., an independent subsea engineering and training company,

Harris Secures Certification for its Multi-channel Manpack Radio

Harris Corporation (NYSE:HRS) has received Type-1 National Security Agency (NSA) certification for its Falcon III® RF-340M multi-channel manpack radio. The certification

Lithuania Inks First Statoil LNG Deal

Lithuania seeks to cut dependence on Russia; Statoil to supply 0.54 bcm of gas per year. This will cover about 20 pct of Lithuania's demand. Lithuania signed

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Pipelines Port Authority Salvage Ship Repair Shipbuilding / Vessel Construction Sonar 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: 0.1173 sec (9 req/sec)