Magnolia LNG Signs Heads of Agreement with VGS

Magnolia LNG, LLC (Magnolia), has signed a non-binding Heads of Agreement (HOA) with Vessel Gasification Solutions, Inc. (VGS), which provides for a 20-year Free-on-Board Sale and Purchase Agreement of up to 4 million metric tonnes per annum from Magnolia’s proposed LNG export terminal at Lake Charles, La.  The HOA contains several conditions precedent.  According to the press release, the VGS Group is developing a floating LNG import and regasification terminal situated offshore at Kakinada Deepwater Port in Andhra Pradesh, India, which will be East Coast India’s first LNG import project to become operational.


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