Not long after the Australian parent company of Magnolia LNG terminated a deal with a British energy infrastructure firm to buy the Lake Charles export terminal, a new buyer came in and purchased it, officials said.
According to a May 26 statement issued by PricewaterhouseCoopers, the Delaware-based Magnolia LNG Holdings LLC purchased Magnolia LNG from its parent company, Liquefied Natural Gas Limited, for $2 million.
Earlier, LNG Ltd. announced on May 12 that it had entered into a binding sale transaction with Global Energy Megatrend Limited to sell Magnolia LNG for $2.25 million.
However, LNG Ltd. terminated that deal on May 25 because of Global Energy's "failure to close the transaction within the required time frame," the statement reads.
The agreement also includes a promissory note if the Magnolia LNG project "reaches financial close and a notice to proceed has been issued for the initiation of construction," the statement reads.
Both Magnolia LNG Holdings and LNG Ltd. have agreed to work jointly on a possible recapitalization project that could wrap up by Nov. 30. According to a report by The Advocate, it includes land, permits, engineering plans and a development contract.
Officials with LNG Ltd. announced last July that the company planned to move its headquarters from Australia to the U.S.
Construction has yet to start on the Magnolia LNG project, which is expected to produce 8.8 million metric tons of LNG annually. The project has received permits from the Federal Energy Regulatory Commission.