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The lapsing of the deal is anticipated to
delay a final investment decision (FID) on the
export project, given that Tellurian has only
managed to finalise one supply deal – Total
agreed in July 2019 to buy 1mn tpy as well as a
$500mn investment in Driftwood Holdings.
The Driftwood project includes gas
production, gathering, processing and
transportation facilities, along with the
27.6mn tpy Driftwood LNG export facility
that will be located near Lake Charles,
Louisiana.
May 2019. The average Canadian rig count We believe an investment by Apollo of this
for May 2020 was 23, down 10 from the 33 magnitude is a strong endorsement of our
counted in April 2020, and down 47 from the business model, strategy and future growth Glenfarne Group expands
60 counted in May 2019. opportunities, particularly in our Water
The worldwide rig count for May 2020 was Solutions business. We also appreciate the its commitment to LNG
1,176, down 338 from the 1,514 counted in support of TD in providing the initial facility
April 2020, and down 1,006 from the 2,182 and for being an important relationship bank sector with acquisition of
counted in May 2019. in our revolving credit facility.”
BAKER HUGHES, June 05, 2020 “We are pleased to provide this new Magnolia LNG
facility to NGL, which has built a diversified
midstream company with a premier US Glenfarne Group, a developer, owner-operator
MIDSTREAM water infrastructure franchise,” said Wilson and industrial manager of energy and
Handler and Andy Safran, of Apollo’s Natural infrastructure assets, announced today it has
NGL Energy Partners Resources Private Equity business. “With completed the acquisition of Magnolia LNG,
an LNG export terminal development project
its high-quality assets, customer base and
announces $250mn term management team led by CEO Mike Krimbill, in Louisiana, USA, through Glenfarne’s newly
formed subsidiary Magnolia LNG Holdings.
we believe NGL is well positioned for future
loan facility with certain success.” annum (mtpa) LNG export business that has
Magnolia LNG is an 8mn tonnes per
NGL ENERGY PARTNERS, June 04, 2020
funds and accounts completed the Federal Energy Regulatory
Commission (FERC) permitting process. The
managed by affiliates of DOWNSTREAM 115-acre project site sits on the Industrial
Canal near Lake Charles in Southwest
Apollo Global Management MoU between Tellurian, Louisiana, and has a long-term Lease Option
Agreement in place with the Lake Charles
to refinance its acquisition Petronet lapses Harbor and Terminal District. Magnolia LNG
is permitted to receive natural gas through the
bridge facility The plunge in LNG prices has seen India’s existing Kinder Morgan Louisiana Pipeline,
and will pretreat, liquefy and store the LNG
Petronet rethink one major new term contract
NGL Energy Partners announced that it has it was negotiating with US gas developer onsite for domestic use and export. The
entered into a new $250mn term loan facility Tellurian. Transaction also includes the acquisition of
with certain funds and accounts managed The Houston-based company revealed Magnolia LNG’s patented OSMR® liquefaction
by affiliates of Apollo Global Management on June 5 that Petronet had let their technology, a low-cost, highly efficient process
to refinance its existing $250mn bridge term memorandum of understanding (MoU), configured to generate lower greenhouse gas
loan facility that was established in July 2019 which was signed in September 2019, lapse. (GHG) emissions than other conventional
with TD Securities (USA) as lead arranger Under the terms of the MoU, Petronet was LNG processes.
and bookrunner and the Toronto-Dominion negotiating not just the purchase of up to 5mn Magnolia LNG was previously owned by
Bank, New York Branch as initial lender tpy of LNG from the proposed Driftwood Liquefied Natural Gas Ltd., which is currently
to finance a portion of the acquisition of export terminal on the US Gulf Coast, but completing a corporate restructuring.
Mesquite Disposals Unlimited. also a $2.5bn equity acquisition in Driftwood “Magnolia LNG is a well-known and
“We are pleased to work with Apollo, a Holdings. high-quality project to which Glenfarne
leading investment management firm, and Tellurian and Petronet had envisioned brings its funding, marketing, development
their well-respected team, on this transaction finalising the transaction by March 31, but and construction expertise to take it to Final
to term out the bridge facility we utilised last after executives from the US company visited Investment Decision, and then construct
summer to fund the Mesquite transaction,” India in February the deadline was pushed and operate the asset,” said Brendan Duval,
stated Mike Krimbill, NGL’s CEO. “The back to May 31. Tellurian spokesperson Founder and Managing Partner of Glenfarne.
Apollo team has worked closely with our Joi Lecznar said last week that while the “We believe in the essential role that natural
management team over the past several weeks agreement had lapsed, the company was still gas plays in the transition to a lower carbon
conducting due diligence and preparing in talks with Petronet and other possible world. The facility will provide clean, low-cost
documentation to complete this financing. offtakers for the LNG terminal. and reliable energy globally, and we are proud

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