Glenfarne Group, the US energy and infrastructure asset management company, has bought Magnolia LNG, an export terminal in Louisiana, from Liquefied Natural Gas Ltd for US$2m (€1.8m). The acquisition was made through Glenfarne’s new subsidiary Magnolia LNG Holdings.
The 115-acre Magnolia LNG site, on the Industrial Canal near Lake Charles in southwest Louisiana, has a capacity of 8m t/y and can pretreat, liquefy and store LNG for domestic use and export.
It receives natural gas through the Kinder Morgan Louisiana Pipeline and has completed the Federal Energy Regulatory Commission (FERC) permitting process, as well as having a long-term lease option agreement in place with the Lake Charles Harbor and Terminal District.
As well as the terminal, the transaction includes Magnolia LNG’s patented OSMR liquefaction technology, which is more cost effective and efficient than conventional processes, and generates lower greenhouse gas emissions.
Brendan Duval, Founder and Managing Partner of Glenfarne, said: “Magnolia LNG is a well-known and high-quality project to which Glenfarne brings its funding, marketing, development and construction expertise to take it to final investment decision, and then construct and operate the asset. We believe in the essential role that natural gas plays in the transition to a lower carbon world. The facility will provide clean, low-cost and reliable energy globally, and we are proud to support this critical infrastructure project.”
For more information visit www.glenfarnegroup.com