LNGL Finds Buyer for Gladstone LNG

Australia-listed Liquefied Natural Gas Limited has agreed with a third-party buyer for the acquisition of all its shares in its wholly-owned subsidiary Gladstone LNG, concluding LNGL’s exit from its Fisherman’s Landing LNG project, the company said April 17.

As part of the share sale agreement with an unnamed buyer LNGL will receive (US)$800,000 and a reimbursement for security deposits posted by Gladstone LNG related to the Fisherman’s Landing project licences. The buyer will need to pay LNGL an additional $4mn if financial close is achieved for an LNG project at the site.

“This agreement completes LNG Limited’s exist from the Fisherman’s Landing project,” LNGL CEO Greg Vesey said, explaining that the company’s teams are focusing on developing both the US Magnolia LNG and Canadian Bear Head LNG projects.

LNGL announced its plan to exit the Fisherman’s Landing project at the Port of Gladstone – which would have been the fourth terminal there – in May last year. It would have been a two-train terminal to produce 3.5mn metric tons/year.