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News: Liquefied Natural Gas Limited appoints second U.S. non-executive director

  1. Liquefied Natural Gas Limited (ASX:LNG; OTC ADR: LNGLY) has appointed Michael Steuert as its second U.S.-based non-executive director.

    Steuert was formerly the chief financial officer and senior vice president at Fortune 200 company Flour Corporation (NYSE:FLR) from May 2001 until his retirement in May 2012.

    Fluor is one of the largest engineering & construction companies in the world with revenues of US$27.3 billion in 2013.

    Prior to that, Steuert served as senior vice president and chief financial officer for Litton Industries, Inc. from February 1999 to May 2001.    

    He was also senior officer and chief financial officer of GenCorp Inc. (aerospace, propulsion systems, vehicle sealing systems, chemicals and real estate) from 1990 to 1999.

    Steuert has been a director of ProLogis Inc. and a trustee of ProLogis Trust since September 2003, a director of Weyerhaeuser Co. since October 2004 and a Director of Kurion Inc. since September

    “We are honoured to have someone of Mike’s financial and business standing join the LNG Board,” chairman Richard Beresford said.

    “His experience and knowledge of financial matters and capital markets and his understanding of the global engineering and construction industry will be important in achieving the Company’s growth ambitions.

    “Having a home in Texas will also enable him to interact regularly with our corporate and project teams in Houston.”

    In January, LNG Limited executed a Gas Pipeline Interconnect Agreement (PIA) with Kinder Morgan Louisiana Pipeline (NYSE:KMI).

    This sets out the technical scope and specifications for gas supply to the 8 million tonne per annum Magnolia LNG Plant at Lake Charles, Louisiana.

    It also defines each parties’ obligations in relation to the design, procurement, construction, installation, operations, maintenance and ownership of the facilities.

    In addition, the company executed a Memorandum of Understanding with Kellogg Brown & Root and SKEC relating to engineering, procurement and construction of Magnolia LNG.

    Kellogg Brown & Root and SKEC will form a 70/30 joint venture to deliver the 8 million tonne per annum project.

    Progress continue to be made with Federal Environmental Regulatory Commission process and the project remains on track to achieve financial close in mid-2015 and first LNG in 2018.

    Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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