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NextDecade gets investment in its Rio Grande LNG project

Aug 08, 2018
1 min read
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NextDecade has agreed to sell US$50 million worth of stock to Korean petrochemical company Hanwha General Chemical (HGC) for investment in its Rio Grande LNG project in Texas.

HGC, a wholly owned subsidiary of a leading Korean petrochemical company, will invest $35 million, and the Company’s three largest stockholders, York, Valinor, and Halcyon, will invest $15 million.

As part of its investment in NextDecade, HGC will receive one seat on the Company’s board of directors, and will also have the right to contribute up to $350 million of project-level equity upon the final investment decision (FID) of NextDecade’s Rio Grande LNG project.

NextDecade said that it intends to use the proceeds of the Series A private offering to continue developing its Rio Grande LNG terminal facility and associated pipelines in South Texas and for general corporate purposes and working capital.

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