Developers of Magnolia LNG sold the proposed Louisiana project to a new buyer after the second deal in a row to sell the planned liquefied natural gas export terminal fell apart.
Australian liquefied natural gas company LNG Limited reported selling the proposed project to a buyer identified as Magnolia LNG Holdings LLC in a $2 million deal that closed on May 26.
Undergoing the equivalent of Chapter 11 bankruptcy proceedings in Australia, LNG Limited had previously tried to sell the project for $75 million to Singapore-based LNG9 in April but the deal fell apart when Asian buyer failed to get financing.
LNG Limited tried to sell the project in early May to British-owned Global Energy Megatrend Limited for $2.25 million but the company failed to close the transaction within the required timeframe.
Downstream: Magnolia LNG sold to British company in $2.25 million deal
Magnolia LNG's sale comes at a time when liquefied natural gas prices are trading in Asia and Europe are trading at prices below the break even price for U.S. developers.
The Federal Energy Regulatory Commission issued an April 2016 permit to the proposed Magnolia LNG project to produce 8 million metric tons of liquefied natural gas per year. LNG Limited filed a pending request to boost production by 800,000 metric tons.
LNG Limited had never reached a final investment decision on Magnolia LNG and had only landed a tentative supply deal for one-fourth of the proposed plant's production with a buyer from Vietnam.
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June 04, 2020 at 05:00PM
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Magnolia LNG sold to new buyer after second deal in a row falls apart - Houston Chronicle
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