LNG Ltd seeking strategic partner
THE liquefied natural gas stage show is stepping up with players from all over the world falling over themselves to get in on the act.
Liquefied Natural Gas Ltd chief executive Maurice Brand told the Observer several parties had discussed becoming a strategic partner for its proposed LNG plant at Fisherman’s Landing.
LNG Ltd is seeking to secure the project’s future after an earlier preliminary agreement with Arrow Energy was undermined by a A$3.44 billion takeover offer for Arrow by Royal Dutch Shell and PetroChina.
LNG Ltd’s agreement with Arrow has now become non-exclusive, giving the company scope to discuss new strategic partnerships and other gas supply options.
Site works and construction of the Fisherman’s Landing project are currently on hold while those talks take place.
Mr Brand said the company would choose a strategic partner that could buy a major equity stake of the Fisherman’s Landing project, purchase the LNG produced and financially support the company’s proposed gas supply plan for the terminal.
The Fisherman’s Landing project is designed to be smaller than competing LNG projects at Gladstone that will be fed by coal seam gas produced nearby, enabling it to be become operational in a shorter time frame.
Mr Brand has said that the company would provide an update on its plans for the Fisherman’s Landing LNG project in the second quarter of this year.