Perth-based LNG Limited said it no longer intends to fund the costs associated with maintaining the Fisherman’s Landing LNG project at the Port of Gladstone in Queensland, deciding to quit the project.
“The company is completing efforts to relinquish the site to the Gladstone Ports Corporation (GPC) and notify other relevant regulators,” LNGL’s statement reads.
Speaking of the decision, LNG Limited’s managing director and CEO, Greg Vesey said the decision, taken after a review of the company’s asset portfolio, to close the project was not an easy one.
“After many years without success in securing the long-term economic gas supply that would be needed to proceed with project construction, we made a strategic decision to close the project,” Vesey said.
LNG Limited planned to develop the Fisherman’s Landing LNG project as a 3.5 mtpa export terminal in the Port of Gladstone, Queensland at the site that is capable of accommodating up to four LNG trains with a combined capacity of 7 mtpa.