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Wednesday, September 03, 2014
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Sempra Energy secures three minority partners

Last Modified: Thursday, May 16, 2013 11:50 PM

Special to the American Press

Sempra Energy announced Thursday that it secured three minority partners after signing 20-year tolling capacity and joint-venture agreements to support the development, financing and construction of the liquefied natural gas export facility at its terminal in Hackberry.

The three companies are GDF SUEZ S.A., Mitsubishi Corp. and Mitsui & Co. Ltd.

The agreement asks affiliates of GDF SUEZ, Mitsubishi and Mitsui each to acquire 16.6 percent equity in the existing facilities and the liquefaction project. A Sempra Energy affiliate will retain 50.2 percent.

The facility will cost $9 billion-$10 billion. Construction is expected to begin in 2014, with the first phase of liquefaction operations to begin in the second half of 2017. The three trains will reach full commercial operation in 2018.

“The Cameron LNG project has strong local and regional support, experienced, world-class commercial partners in GDF SUEZ, Mitsubishi and Mitsui and a track record of safe and reliable operations,” Octavio M.C. Simoes, president of Sempra, said in a news release.

“We look forward to working with our partners to achieve a final investment decision and commence construction in early 2014.”

In 2012, Cameron LNG received approval from the U.S. Department of Energy to export up to 12 million tons per year of domestically produced LNG to all current and future free-trade agreement countries.

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