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Sound Energy inks early pact with Italfluid Geoenergy for Moroccan LNG project
StockMarketWire.com
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Morocco-focused oil company Sound Energy said it had signed an early-stage agreement with Italfluid Geoenergy for the provision of a micro liquefied natural gas (LNG) plant.
Sound was planning to chill natural gas from its Tendrara asset in Morocco for export from the small LNG facility.
The parties had agreed to work towards entering into a binding project contract that would commit Italfluid to construct and operate the LNG plant.
Italfluid would be paid $5 million for proceeding with a first-phase development and an additional $2 million on completion of the plant.
Sound had granted a period of exclusivity to Italfluid until 31 March to agree on the project contract.
Story provided by StockMarketWire.com
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