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New York energy conglomerate says it is new owner of Magnolia LNG

A New York energy conglomerate has stepped forward as the new owner of the proposed Magnolia LNG project in Lake Charles, La.

A company identified as Magnolia LNG Holdings bought the liquefied natural gas export project from Australia-based LNG Limited in a $2 million deal in late May. Glenfarne Group said Tuesday it is the owner of Magnolia LNG Holdings.

Glenfarne’s founder and managing partner Brendan Duval said the company plans to use its funding, marketing, development and construction expertise to bring Magnolia LNG it to a final investment decision, build it and operate it.

“We believe in the essential role that natural gas plays in the transition to a lower carbon world,” Duval said. “The facility will provide clean, low-cost and reliable energy globally, and we are proud to support this critical infrastructure project.”

Downstream: Magnolia LNG sold after second deal in a row falls apart

Glenfarne’s subsidiary Alder Midstream also owns the Texas LNG project, a proposed liquefied natural gas export terminal at the Port of Brownsville. Glenfarne has project throughout North and South America,

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2020-06-09 18:19:23

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