Cheniere Energy Inc. has announced that its Board of Directors has made a positive final investment decision (FID) regarding Train 3 at the company’s Corpus Christi liquefaction project (CCL Project) and plans to issue a full notice to proceed to Bechtel Oil, Gas and Chemicals Inc. to continue construction, which began in late 2017 under limited notice to proceed. This represents the first FID on new liquefaction capacity in the US since 2015.
The CCL Project is a three-train liquefaction project, under construction near Corpus Christi, Texas, US. Each train is expected to have a nominal production capacity, which is prior to adjusting for planned maintenance, production reliability, and potential overdesign, of approximately 4.5 million tpy of LNG.
“Moving forward with the construction of Train 3 at Corpus Christi reinforces our position as the leader in US LNG,” said Jack Fusco, Cheniere’s President and CEO. “I would like to recognise the Cheniere team, our financial partners, our EPC partner Bechtel and our long-term customers at the CCL Project for their demonstrated teamwork, commitment and execution, which were critical elements in the successful commercialisation and financing of Train 3. We continue to see significant tailwinds in the global LNG market and look forward to delivering additional growth and value to shareholders.”
Cheniere’s wholly owned subsidiary, Cheniere Corpus Christi Holdings, LLC, closed on its previously announced amended credit facilities on 22 May, and total commitments under the credit facilities have been increased to US$6.1 billion. The amended credit facilities will be used to fund a portion of the costs of developing, constructing, and placing into service Trains 1, 2, and 3 and associated pipeline and other infrastructure at or near the CCL Project, and for related business purposes. The remaining costs of the CCL Project are expected to be funded by Cheniere under its amended Equity Contribution Agreement with Corpus Christi Holdings, and from cash flows generated by Trains 1 and 2 of the CCL Project after they are placed into service.
Read the article online at: https://www.tanksterminals.com/storage-tanks/23052018/cheniere-continues-construction-at-ccl-project/