Private equity giant Blackstone has agreed to sell off its interest in Cheniere's Sabine Pass liquefied natural gas export facility in Louisiana, according to a securities filing.

The company plans to sell its approximate 40% stake in Cheniere Energy Partners, the spin-off tasked with developing Sabine Pass LNG, to Brookfield Asset Management in a deal valued at $7 billion, Bloomberg reported on Monday, citing people familiar with the matter.

The deal — should it materialise — would reap a hefty profit for Blackstone, which initially invested $1.5 billion in Cheniere Equity Partners in 2012.

The deal is expected to close by the end of the third quarter, according to the filing.

The first train at Sabine Pass came on line in 2016, and the facility was the first large-scale LNG export project in the Lower 48 states.

Five trains are now in operation, with construction on a sixth more than halfway complete.

Cheniere also operates the Corpus Christi LNG project in Texas, where two trains are operational and construction on a third is under way.