Cheniere Energy Inc.'s board of directors has made a positive financial investment decision (FID) with respect to the more than 10 million tonnes per annum (mtpa) of LNG Corpus Christi Stage 3 liquefaction project, a press release announced on June 22.
The company issued full notice to proceed to Bechtel Energy Inc. to continue construction on the project, which began earlier this year under limited notice to proceed.
On June 15, Cheniere Corpus Christi Holdings LLC closed on an amended and restated approximately $4 billion senior secured term loan due 2029, as well as an amended, extended and upsized $1.5 billion working capital facility due 2027. The remaining costs are expected to be funded from Cheniere.
“Reaching FID on Corpus Christi Stage 3 represents an important milestone for Cheniere as we move forward on this significant growth project, which will strengthen our market-leading LNG infrastructure platform, provide much-needed volumes to the global LNG market by the end of 2025 and create long-term value for our stakeholders,” Cheniere president and CEO Jack Fusco commented.
Borrowings under the 2029 term loan are being used to fund approximately half of the total expected cost to develop, construct and place into service Corpus Christi Stage 3, the associated pipeline expansion and other infrastructure at or near the project and for related business purposes.
Cheniere's Corpus Christi project is expected to include up to seven midscale liquefaction trains with a total nominal capacity that is expected to exceed 10 mtpa to keep up with LNG global demand, which is projected to increase by 2040.
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