News Post
LNG Ltd to sell the Magnolia LNG export project in Louisiana to private firm Global Energy Megatrend.
LNG Ltd recently announced a binding sale of its Magnolia LNG export project in Louisiana to private firm Global Energy Megatrend of London for $2.25 million USD. This sale is expected to close on or before May 15, 2020.
This announcement comes on the heels of the prior news that LNG Ltd had gone into administration status, placing this project in doubt after years of discussion. Last month, LNG-9 of Singapore withdrew its plans to purchase Magnolia LNG. Today’s announcement, coupled with the current pandemic-driven lower demands, is expected to push a potential FID even further out for this 8.8 million tons per year project. Progress has been reportedly light on this project, with only a tentative supply agreement for a quarter of the expected production.
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