HOUSTON—NextDecade Corp. (NASDAQ: NEXT) announced March 7 that Rio Grande LNG LLC, a NextDecade subsidiary, has entered into a lease agreement with the Brownsville Navigation District (BND). The lease agreement was considered and approved during a meeting of the BND Board of Commissioners.
The lease agreement, which covers an approximately 984-acre parcel of land in Cameron County, Texas, carries an initial term of 30 years, with two options to renew and extend the term of the lease for periods of 10 years each. The lease agreement supersedes exclusive site option agreements.
At the Port of Brownsville, NextDecade plans to construct, operate and maintain a large-scale LNG export terminal, including gas treatment, liquefaction and other supporting facilities and infrastructure.
“We are pleased to have formally executed our lease agreement with the Brownsville Navigation District, and appreciate the ongoing support of Chairman Reed and the BND Commission,” said Matt Schatzman, NextDecade’s president and CEO. “As we continue to advance our Rio Grande LNG project, we look forward to creating opportunities for local workers and communities across the Rio Grande Valley.”
Currently one of the largest proposed private investments in the State of Texas, Rio Grande LNG and its associated Rio Bravo Pipeline could result in more than $15 billion of investment in Cameron County. The proposed facility and pipelines are expected to create more than 5,000 jobs. Additionally, exports from Rio Grande LNG could significantly improve the U.S. balance of trade and support key allies around the world by providing access to reliable, clean natural gas.
Pending the achievements of commercial milestones and receipt of requisite regulatory approvals, NextDecade anticipates making a positive final investment decision on its Rio Grande LNG project by the end of third-quarter 2019.
NextDecade Corp. founder and chairwoman Kathleen M. Eisbrenner has died the company announced May 10. She was 58.
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Construction would start this year, with the plant beginning operations in 2023.