Cheniere Gets $3.4 Billion in Financing for LNG Terminal
Along with $2 billion from a previous investment by Blackstone Group LP, the partnership now has $5.4 billion to build the first two phases of its liquefaction project, according to a Cheniere statement today.
“Our ability to access a very large credit facility will significantly reduce our costs of financing during construction,” Chairman and Chief Executive Officer Charif Souki said in the statement.
The liquefaction facilities will be able to chill gas to minus 260 degrees Fahrenheit (minus 162 Celsius) so it can be transported overseas by ship. A glut of North American gas has prompted plans to convert existing import terminals to export the fuel.
Korea Gas Corp., BG Group Plc, Gas Natural SDG SA and Gail India Ltd. have agreed to buy a combined 16 million tons a year from the Sabine Pass terminal, according to Cheniere.
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