The Directors of Liquefied Natural Gas Limited announced that China Huanqiu Contracting & Engineering Corporation (HQCEC) has remitted the Share Placement proceeds of A$20.144 million to LNG LTD and the Share Placement is now complete.
LNG LTD’s Managing Director, Maurice Brand said, “we are very pleased that HQCEC has become LNG LTD’s largest shareholder. This is a significant milestone for LNG LTD and we welcome both HQCEC nominees, Madam Wang (joint Chief Executive Officer and Executive Director) and Mr Zhang (Non-Executive Director), to the LNG LTD Board. It is expected that their appointments will formally commence at the end of this month once Madam Wang has completed various commitments with HQCEC. However, Madam Wang has already assumed direct involvement in LNG LTD’s gas supply strategy for its 100% owned 3 million tonne per annum Gladstone Fisherman’s Landing LNG Project (LNG Project) in Queensland, Australia and is also overseeing HQCEC’s preparation of a detailed engineering, procurement and construction proposal for the LNG Project.”
“The immediate objectives of LNG LTD and HQCEC are to position the LNG Project to proceed to final investment decision and globally promote the use of LNG LTD’s 100% owned and developed OSMR® LNG process technology” , Mr Brand further said.
[mappress] Source:LNG Limited , July 13, 2011;