Magnolia LNG To Invest $2.2 Billion In Port Of Lake Charles, Louisiana Natural Gas Liquefaction Plant
01/18/2013
The company expects to make a final investment decision to move forward with the project in late 2014, after it secures permits and completes financing. The mid-scale LNG facility would be located on 90 acres at the port’s Industrial Canal, off the Calcasieu Ship Channel. Magnolia LNG would produce 4 million metric tons of liquefied natural gas per year, and construction would begin in 2015 pending the company’s attainment of permits and final financing.
“Southwest Louisiana’s attractive infrastructure and strong workforce made Lake Charles an ideal location for our planned facility,” Maurice Brand, Magnolia LNG Managing Director said. “We especially want to thank the Port of Lake Charles Commission for their partnership in identifying such an ideal location for this project. Whilst the company remains focused on securing the appropriate contracts, agreements and permits, we expect to commence construction of our first U.S. venture by 2015.”
Gov. Bobby Jindal said, “Magnolia LNG's decision to move forward in developing a new LNG facility is great news for our state. Magnolia is the latest company that is choosing to invest in Louisiana because we have one of the best business climates in the country and we are continuing to foster an environment where companies want to create jobs.”
“We’ve fostered a strong business climate because we have overhauled our ethics laws, revamped workforce development programs, eliminated burdensome business taxes, instituted reforms to give every child an opportunity to get a great education, and now we are taking on tax reform in order to make Louisiana the best place in the world for businesses to invest and create jobs for our people. In addition to our strong business climate, Louisiana's abundance of natural gas, pipelines and accessible waterways, as well as our outstanding workforce, were key factors in Magnolia’s decision to choose our state,” he added.
Magnolia’s project would be positioned for direct access to several existing gas pipelines. Using its patented Optimized Single Mixed Refrigerant process, Magnolia LNG said it would produce liquefied natural gas more efficiently with fewer emissions than other LNG processes.
Magnolia LNG will seek federal Department of Energy free trade agreement approval in 2013. When Magnolia decides to proceed with construction, the company is anticipated to make use of LED incentive programs, such as the Quality Jobs Program and Industrial Tax Exemption Program.
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