(MENAFN- ProactiveInvestors)
() substantial shareholder The Baupost Group has increased its stake in the company to 11.41% from 10.08%.
Baupost one of the world’s largest hedge funds acquired 6251580 shares between 14 October 2014 and 8 January 2015 at prices ranging from $1.96 to $3.00 per share.
Seth Klarman’s Baupost also holds a 10% stake in Cheniere Energy (NYSEMKT:LNG) a US$16.45 billion market cap that expects to export its first LNG from the U.S. in 2015.
LNG Ltd continues to progress the Federal Environmental Regulatory Commission process for the Magnolia LNG project which remains on track to achieve financial close in mid-2015 and first LNG in 2018.
Earlier this month it signed a technical services agreement with global LNG engineering procurement and construction contractor KBR Inc (NYSE:KBR).
It is proposed that KBR and South Korea’s SK Engineering and Construction Group will form an integrated EPC joint venture to deliver the 8 million tonne per annum Magnolia LNG project.
An updated EPC contract has been initialled with SKEC and Magnolia LNG remains on schedule for financial close in mid-2015 and first LNG in the fourth quarter of 2018.
Total capital costs are estimated at US$3.5 billion or US$440 per tonne for the 8Mtpa project while cost for the initial 4Mtpa project is estimated at US$1.986 billion.
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