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Cheniere agrees to go ahead with Corpus Christi LNG expansion

May 24, 2018
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Cheniere Energy has announced that it has made a final investment decision in regards to Train 3 at its Corpus Christi liquefaction project export terminal in Texas. This is the first FID on new liquefaction capacity in the United States since 2015.

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.

“Moving forward with the construction of Train 3 at Corpus Christi reinforces our position as the leader in U.S. LNG. We continue to see significant tailwinds in the global LNG market and look forward to delivering additional growth and value to shareholders,” said Jack Fusco, Cheniere’s president and chief executive officer.

Cheniere’s wholly owned subsidiary, Cheniere 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.

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