Global Energy Megatrend Limited has bought Australian LNG firm LNG Limited’s undeveloped Magnolia LNG export terminal in a $2.25m deal.

LNG Limited announced the news in a statement earlier this week, which said all entities, debts and 16 employees would pass to Global Energy Megatrend Limited on completion, expected 15th May.

The Magnolia LNG project is developing an 8 mtpa or greater LNG export terminal in Lake Charles, Louisiana, US.

In a statement, LNG Limited said, “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.”