LNG Limited to sell Magnolia project for $2.25 million

By Mirza Duran Cash-strapped LNG Limited is selling its proposed Magnolia liquefied natural gas export project to UK-based privately held company Global Energy Megatrend.

The $2.25 million-worth transaction, scheduled to close on Friday, includes the Louisiana LNG export project and its 16 employees.

The deal also includes LNG Limited’s optimized single mixed refrigerant liquefaction technology that would be used at the proposed terminal.

The deal was announced by LNG Limited’s voluntary administrators PricewaterhouseCoopers that were appointed May 1 to review the Australian company’s assets.

Should the transaction complete, all liabilities associated with Magnolia LNG will pass to the acquirer, Global Energy Megatrend.

The transaction does not include LNG

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