Houston-based Freeport LNG Development is seeking financing to begin construction next year on an $11 billion LNG export facility at Quintana Island in Texas.
“Funds will be sought for the first two units that will cost about $7.5 billion”, Bloomberg reported, citing Michael Smith, Freeport’s CEO , as saying.
The company will also seek $1 billion to help retire the debt that’s on top of the $11 billion project costs, he added.
Freeport LNG plans to add the liquefaction infrastructure at its existing terminal to provide export capacity of approximately 13.2 mtpa of LNG, which equates to processing approximately 2.0 Bcf/d of pipeline-quality natural gas (feed gas).
The feed gas will be derived from the interconnecting intrastate pipeline systems through Freeport LNG’s existing Stratton Ridge meter station.
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LNG World News Staff, June 27, 2013; Image: Freeport LNG