OREANDA-NEWS. October 13, 2017. LNG Limited (LNGL) has delayed its plan to become a US-listed company and will continue market its proposed US Gulf coast and eastern Canadian LNG export projects as an Australian-listed company.

LNGL is focusing on selling long-term liquefaction capacity to fund its $4.35bn Magnolia LNG project near Lake Charles, Louisiana, which would have capacity of 8mn t/yr, equivalent to 1.08 Bcf/d (31mn m/d) of gas.

LNGL still plans to make a positive investment decision on Magnolia LNG this year or next to allow the project to come on line by the early 2020s, when a global LNG supply glut is expected to recede, the company told Argus today.

LNGL in June it said it was exploring moving its headquarters to Houston from West Perth, Western Australia, and become listed on either the New York Stock Exchange or Nasdaq. Most of the company's employees are based in Houston, where LNGL runs its North American operations.

LNGL, which is listed on the Australian Securities Exchange, suspended those activities last week to focus on its business. It plans to resume its efforts to relocate at an undetermined time in the future.

"We remain committed to bringing the company to the US market at an appropriate time best suited to maximize investor value," said LNG chairman Paul Cavicchi. "A US listing is the right step for LNGL, but we must ensure we proceed deliberately and remain attentive to all shareholder expectations."

Magnolia LNG has said it needs to sell at least 6mn t/yr on a long-term basis to secure financing. So far it has signed only one binding deal for 2mn t/yr with the UK's Meridian LNG.