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LNG Limited sells Magnolia LNG project

Published by , Editor
LNG Industry,

LNG Limited has announced that it has entered into a binding sale transaction in respect of its interest in subsidiary entities that own and operate the Magnolia LNG project, including Pecan Inc. (and its subsidiaries), LNG Management Services, LLC and LNG Technology, LLC.

The details of the transaction have been reported as follows:

  • Acquirer: Global Energy Megatrend Ltd (or a subsidiary).
  • Consideration: US$2.25 million.
  • Targeted completion date: On or before 15 May 2020.

By disposing of the Magnolia LNG project entities, liabilities associated with the Magnolia LNG project (including liabilities relating to 16 employees) will pass to the Acquirer.

This transaction does not include the LNG Limited’s interest in the business and assets of the Bear Head LNG project, which remain owned by entities controlled by the company. While the company’s patented optimised single mixed refrigerant (OSMR®) liquefaction process technology will be sold as part of the transaction, the Bear Head LNG project will retain a perpetual licence to use that technology.

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