Magnolia LNG’s parent company to move to the United States
LAKE CHARLES, La. (KPLC) - The parent company of a planned 8-million-ton per year LNG export terminal in Southwest Louisiana is moving to the United States according to a news release.
Australia-based Liquefied Natural Gas Limited says the “re-domiciling” could advance a large-scale economic development effort that is already under way locally. The new headquarters would be located in Houston, according to the Houston Chronicle.
“Given the company’s confidence in raising new capital to fund our business and marketing efforts, we believe a U.S. re-domiciling is in the company’s best interest,” said Paul J. Cavicchi, chairman. “This listing change is expected to benefit LNGL and its shareholders by properly positioning and valuing the company for future success.”
LNGL would be listed on the NASDAQ stock exchange following regulatory, judicial and shareholder approval.
“We anticipate that a re-domicile transaction could be completed in late 2019 or early 2020,” said Greg Vesey, LNGL’s managing director and CEO.
The liquified natural gas export terminal would be built on Port of Lake Charles property.
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