NY Group Emerges as New Magnolia LNG Owner
A New York energy conglomerate emerged June 9 as the new owner of the proposed 8-10mn mt/yr Magnolia LNG project in Louisiana, sold out of voluntary protection last month by Australia’s LNG Limited (LNGL).
Glenfarne Group, which also owns the 4mn mt/yr Texas LNG project planned for near Brownsville, Texas, said it had completed the Magnolia acquisition through its wholly-owned subsidiary Magnolia LNG Holdings LLC.
“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,” Glenfarne founder and managing partner Brendan Duval said. “We believe in the essential role that natural gas plays in the transition to a lower carbon world.”
The acquisition from LNGL also includes the Australian company’s patented OSMR® liquefaction technology, a low-cost, highly efficient process configured to generate lower greenhouse gas (GHG) emissions than other conventional LNG processes.
Not included is LNGL’s proposed 10mn mt/yr Bear Head LNG project in Nova Scotia, which remains the property of interests controlled by LNGL.