Liquefied Natural Gas Limited has found a buyer for its undeveloped Magnolia LNG project.
The proposed export terminal’s new ownership is Global Energy Megatrend Limited, which is incorporated in London but headquartered in Lafayette. The selling price: $2.25 million. The transaction includes the transfer of 16 employees, patents and project debt.
The deal was set to close Friday.
LNG Limited is undergoing the Australian equivalent of bankruptcy proceedings.
In April 2016, the Federal Energy Regulatory Commission approved the Magnolia LNG project to produce 8 million metric tons of liquefied natural gas per year. Currently, the facility has only a tentative supply deal for one-fourth of the proposed plant’s production with a buyer from Vietnam.