GDF SUEZ, Mitsui and Mitsubishi have signed a joint venture agreement with Sempra Energy for the development, financing and construction of the liquefaction project of Cameron LNG, a unit of Sempra Energy, in Louisiana (US).
Located at the site of the existing Sempra Energy LNG terminal in Hackberry, the facility will have 3 liquefaction trains with a liquefaction capacity of 12 Mt/year and will be operated by Cameron LNG. Under this joint venture agreement, GDF SUEZ, Mitsubishi and Mitsui will each acquire a 16.6% equity stake in the existing terminal and in the liquefaction project, with Sempra Energy retaining a 50.2% position. The three new shareholders will have access to a capacity of 4 Mt/year of LNG.
The tolling and joint venture agreements are subject to a final investment decision by each party, to final permit authorizations, and to securing financing commitments, all of which are expected by early 2014, along with customary conditions precedent. The new LNG plant is expected to start operations in late 2017. Last year, Cameron LNG obtained approval from the U.S. Department of Energy (DoE) to export up to 12 Mt/year of LNG to all current and future countries with which the United States has signed a Free Trade Agreement.
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