LNG Limited to sell Magnolia project for $2.25 million

Cash-strapped LNG Limited is selling its proposed Magnolia liquefied natural gas export project to UK-based privately held company Global Energy Megatrend.

The $2.25 million-worth transaction, scheduled to close on Friday, includes the Louisiana LNG export project and its 16 employees.

The deal also includes LNG Limited’s optimized single mixed refrigerant liquefaction technology that would be used at the proposed terminal.

LNG Limited’s voluntary administrators PricewaterhouseCoopers announced the deal. The Australian company appointed them May 1 to review its assets.

Should the transaction complete, all liabilities associated with Magnolia LNG will pass to the acquirer, Global Energy Megatrend.

The transaction does not include LNG Limited’s proposed Bear Head export project in eastern Canada.

That project will remain to be controlled by LNG Limited.

Magnolia LNG, a wholly-owned unit of LNG Limited is developing an 8 mtpa LNG export terminal in Lake Charles, Louisiana.

The project site is located adjacent to the Calcasieu Ship Channel, an established shipping channel in the Lake Charles District.

The project plan includes the development of four LNG production trains of 2 million tonnes per year each featuring LNG Limited’s patented process technology.

A joint venture between KBR and SKE&C is undertaking EPC contracting efforts for Magnolia LNG, with KBR leading the joint venture team.

- Advertisements -

Most Popular

VesselsValue: Japan has the world’s most valuable LNG fleet

Japan owns the world’s most valuable fleet of liquefied natural gas (LNG) carriers, followed by Greece and South Korea,...

Four firms plan to liquefy e-methane at Cameron LNG and ship it to Japan

Japan's Tokyo Gas, Osaka Gas, Toho Gas, and Mitsubishi have revealed plans to produce synthetic methane or e-methane in...

LNG freight rates drop below $300,000 per day

Spot charter rates for the global LNG carrier fleet are continuing to decline in both basins and now they...

More News Like This

Glenfarne forms LNG and renewables unit

New York-based Glenfarne Group, the developer of two US LNG export projects, said it had formed a new unit...

Buckeye Partners buys developer of proposed Bear Head LNG project in Canada

Houston-based Buckeye Partners said it has entered into a definitive agreement to buy Bear Head Energy, the developer of...

Glenfarne eyes FID on its two US LNG export projects in 2022

New York-based Glenfarne Group is looking to take final investment decisions on two of its planned US LNG export...

US OKs additional LNG exports from Golden Pass and Magnolia

The US Department of Energy (DOE) said it has issued two long-term orders authorizing an additional 0.5 billion cubic...