Magnolia LNG is a fully owned subsidiary of LNGL. Credit: Adrian Beaulieu.

LNG Limited (LNGL) has signed a binding sale transaction in respect of its interest in subsidiary entities that own and operate the Magnolia LNG project in Port of Lake Charles, Louisiana, US.

The sale also includes Pecan and its subsidiaries, LNG Management Services and LNG Technology.

Global Energy, the acquirer company of the assets, agreed to pay $2.25m to LNGL for the undeveloped Magnolia LNG project.

Magnolia LNG is a fully owned subsidiary of LNGL. It is the developer of the eight million tonnes per annum (mtpa) LNG export terminal in Lake Charles.

LNGL said in a statement: “The transaction does not include the company’s interest in the business and assets of the Bear Head LNG project, which remain owned by entities controlled by the company.

“While the company’s patented optimised single mixed refrigerant (OSMR) liquefaction process technology will be sold as part of the transaction, the Bear Head LNG project will retain a perpetual licence to use that technology.”

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The deal is expected to close on or before 15 May.

In December 2017, Liquefied Natural Gas (LNGL) granted an extension to the KSJV joint venture between KBR and SKE&C for the $4.35bn engineering, procurement, and construction (EPC) contract for its subsidiary Magnolia LNG.

In November 2015, Magnolia LNG awarded the $4.35bn worth EPC contract to the KSJV for the Magnolia LNG project (MLNG).