NextDecade and York Capital Management Global Advisors have announced that an investment by York in NextDecade and the formation of a strategic partnership for the joint development of a portfolio of LNG export projects.
Through this agreement, NextDecade will initially focus on developing low-cost, mid-scale LNG export projects in Brownsville and Galveston, Texas.
Kathleen Eisbrenner, CEO of NextDecade commented: "We are excited to announce York's investment in, and partnership with NextDecade. York has extensive experience investing across the LNG value chain and provides strong backing to support financing for the advancement of NextDecade's LNG export projects.
“We look forward to working closely with the cities of Brownsville and Galveston to maximize the economic impact of these projects for the local communities. Based on (i) extensive development work already completed, and (ii) the use of safe, reliable and proven LNG liquefaction technology, while working with strong industrial partners, we are confident we can achieve a Final Investment Decision (FID) in a timely and cost effective manner."
NextDecade and York plan to work together to conduct additional Front-End Engineering and Design (FEED) analysis in order to pre-file applications with the Federal Energy Regulatory Committee (FERC) to permit, site, construct and operate LNG export terminals in Brownsville and Galveston within Q1 2015.
Adapted from press release by Katie Woodward