HOUSTON--(BUSINESS WIRE)--May 22, 2018--
Cheniere Energy, Inc. (“Cheniere”) (NYSE American: LNG) announced today
that its Board of Directors has made a positive Final Investment
Decision (“FID”) with respect to Train 3 at Cheniere’s Corpus Christi
liquefaction project (“CCL Project”) and plans to issue a full notice to
proceed to Bechtel Oil, Gas and Chemicals, Inc. (“Bechtel”) to continue
construction which began in late 2017 under limited notice to proceed.
This represents the first FID on new liquefaction capacity in the United
States since 2015.
“Moving forward with the construction of Train 3 at Corpus Christi
reinforces our position as the leader in U.S. LNG,” said Jack Fusco,
Cheniere’s President and Chief Executive Officer. “I would like to
recognize 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 commercialization 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 (“Corpus Christi Holdings”), closed on its previously announced
amended credit facilities on May 22, 2018, and total commitments under
the credit facilities have been increased to $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.
The CCL Project is a three Train liquefaction project under construction
near Corpus Christi, Texas. 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 mtpa of LNG.
Cheniere Energy, Inc., a Houston-based energy company primarily engaged
in LNG-related businesses, owns and operates the Sabine Pass LNG
terminal in Louisiana. Directly and through its subsidiary, Cheniere
Energy Partners, L.P., Cheniere is developing, constructing, and
operating liquefaction projects near Corpus Christi, Texas and at the
Sabine Pass LNG terminal, respectively. Cheniere is also exploring a
limited number of opportunities directly related to its existing LNG
For additional information, please refer to the Cheniere website at www.cheniere.com
and Quarterly Report on Form 10-Q for the quarter ended March 31, 2018,
filed with the Securities and Exchange Commission.
This press release contains certain statements that may include
“forward-looking statements” within the meanings of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act of
1934. All statements, other than statements of historical or present
facts or conditions, included herein are “forward-looking statements.”
Included among “forward-looking statements” are, among other things, (i)
statements regarding Cheniere’s business strategy, plans and objectives,
including the development, construction and operation of liquefaction
facilities, (ii) statements regarding expectations regarding regulatory
authorizations and approvals, (iii) statements expressing beliefs and
expectations regarding the development of Cheniere’s LNG terminal and
pipeline businesses, including liquefaction facilities, (iv) statements
regarding the business operations and prospects of third parties, (v)
statements regarding potential financing arrangements and (vi)
statements regarding future discussions and entry into contracts.
Although Cheniere believes that the expectations reflected in these
forward-looking statements are reasonable, they do involve assumptions,
risks and uncertainties, and these expectations may prove to be
incorrect. Cheniere’s actual results could differ materially from those
anticipated in these forward-looking statements as a result of a variety
of factors, including those discussed in Cheniere’s periodic reports
that are filed with and available from the Securities and Exchange
Commission. You should not place undue reliance on these forward-looking
statements, which speak only as of the date of this press release. Other
than as required under the securities laws, Cheniere does not assume a
duty to update these forward-looking statements.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180522006271/en/
Source: Cheniere Energy, Inc.
Cheniere Energy, Inc.
Megan Light, 713-375-5492
Eben Burnham-Snyder, 713-375-5764