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Sempra comments on McDermott and Chiyoda agreement with Cameron LNG

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LNG Industry,


McDermott International and Chiyoda International have announced that they have reached an agreement with Cameron LNG for performance-based commercial considerations related to the construction and commissioning schedule of the three-train liquefaction-export project under construction in Hackberry, La.

The Cameron LNG is jointly owned by affiliates of Sempra LNG, Total, Mitsui & Co., Ltd., and Japan LNG Investment, LLC, a company jointly owned by Mitsubishi Corporation and Nippon Yusen Kabushiki Kaisha (NYK).

Sempra Energy issued the following media statement regarding the agreement discussed above:

“As previously announced, commissioning of Train 1 at Cameron LNG continues to advance, and the first commissioning cargo was shipped from the facility earlier this year. Consistent with previously disclosed timing, Train 2 and Train 3 are expected to begin producing LNG in the first quarter 2020 and second quarter 2020, respectively.

“We believe it is reasonable to expect that the overall economics of Cameron LNG will not significantly change as a result of this agreement. Sempra Energy’s projected share of full-year run-rate earnings from the first three trains at Cameron LNG continues to range between US$400 million and US$450 million annually.

“Cameron LNG Phase 1 is one of five LNG export projects Sempra Energy is developing in North America: Cameron LNG Phase 2, previously authorised by FERC, encompasses up to two additional liquefaction trains and up to two additional LNG storage tanks, Port Arthur LNG in Texas and Energía Costa Azul (ECA) LNG Phase 1 and Phase 2 in Mexico.

“Development of Sempra Energy’s LNG export projects is contingent upon obtaining binding customer commitments, completing the required commercial agreements, securing all necessary permits, obtaining financing, other factors, and reaching final investment decisions. In addition, the ability to successfully complete construction projects, such as the Cameron LNG export project, is subject to a number of risks and uncertainties.”

Read the article online at: https://www.lngindustry.com/liquid-natural-gas/05072019/sempra-comments-on-mcdermott-and-chiyoda-agreement-with-cameron-lng/

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