Texas LNG Brownsville LLC has announced that Third Point LLC will provide development capital for its LNG export project.
The 2 million tpy LNG project is currently being developed on a deepwater frontage site along the Port of Brownsville shipping channel in Brownsville, Texas, USA.
Third Point LLC will take an equity interest in the LNG project and join the board of Texas LNG.
Vivek Chandra, CEO of Texas LNG, said: “The ability of Texas LNG to attract investment from a leading financial institution such as Third Point is a testament to the experience of the project management team and its strategies. Third Point’s investment in Texas LNG greatly de-risks the project for all stakeholders, including feed gas suppliers, LNG offtakers, and future strategic investors. We look forward to advancing our ongoing discussions with these parties in the near future.”Earlier this year, Texas LNG LLC and its strategic and engineering partner, Samsung Engineering Co. Ltd, completed the four-month pre-FEED study for the project in Houston, Texas. They have since initiated the 12-month FEED phase of the LNG project. A large FEED team has been mobilised at Samsung’s Global Engineering Center in Seoul, South Korea, with the support of other Samsung Engineering entities in South Korea, US, India and Thailand.
The company’s intend to convert the FEED contract into an engineering, procurement, construction and project management (EPC & PM) contract.
Choong Heum Park, Samsung Engineering’s President & CEO, added: “We have been putting utmost efforts to provide the best solution for Texas LNG with our reliable highly skilled team of LNG project engineers and experts. Successful completion will create the stepping stone for us to become a major player in the LNG market.”
Texas LNG expects the FERC process to begin in 2015. The results of the pre-FEED and FEED studies will provide crucial inputs to this process.
Adapted from press release by Callum O'Reilly
Read the article online at: https://www.lngindustry.com/liquefaction/04122014/texas-lng-receives-equity-investment-1913/