LNG Ltd to Supply Gas to Vietnam from Louisiana Project
(Reuters) - Australia-listed Liquefied Natural Gas Ltd said on Monday it signed a deal with a province in Vietnam to supply liquefied natural gas (LNG) from its Louisiana-based Magnolia project.
The Vietnam project includes an LNG import terminal, and a 3,200-megawatt combined-cycle power plant in the coastal province of Bac Lieu, where the Houston-based company will supply gas and Vietnam-based Delta Offshore Energy will generate electricity and sell it.
Two million tons of LNG per year will be supplied from its Magnolia project, which locks in a buyer for 25% of the supply from the project.
The deal comes at a time when LNG Ltd has been struggling to lock in sales agreements for its Magnolia project due to the U.S. trade dispute with China, which has been seen as a key potential customer for U.S. LNG projects.
"Our alliance with LNG Limited will allow the Government of Vietnam to have a stronger relationship with the U.S. market," Bobby Quintos, engineering managing director for Delta Offshore Energy, said in a joint statement.
Pending government approvals, the project is expected to begin operations in 2023.
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