Louisiana's Magnolia LNG sale falls through to company with ties to Lafayette, new buyer steps up

[Tom Kirkman + 8,860]

Magnolia LNG sale falls through to company with ties to Lafayette, new buyer steps up

 

The Australian parent company behind the Magnolia LNG project near Lake Charles [ Louisiana ] canceled a deal to sell the operation to a British business with a significant presence in Lafayette in late May. 

Global Energy Megatrend Ltd. was expected to pay $2.25 million to LNG Ltd. by May 15, but on May 25 the deal was terminated due to the buyer's "failure to close the transaction within the required timeframe."

One day later, Magnolia LNG Holdings LLC, a Delaware-based entity incorporated on May 7, stepped up and bought Magnolia LNG for $2 million.