Cheniere narrows losses, plans mid-scale LNG project

Cheniere Energy posted a third-quarter net loss of US$100.4 million for the three months ended September 30, 2016, compared to a net loss of $297.8 million for the comparable 2015 period.

The Houston-based company reported third quarter revenue of $465.7 million compared to $66 million in the corresponding period in 2015.

Speaking of the third quarter, Cheniere’s president and CEO Jack Fusco said the company’s transition to operations continues as Train 2 at Sabine Pass liquefaction project reached substantial completion and the commissioning of Train 3 began.

The company noted in its report on Thursday that the construction of Sabine Pass trains 3 and 4 is 91.8 percent complete and ahead of contractual schedule, with substantial completion expected in 2017. Train 5 was approximately 42.8 percent complete.

Cheniere said it had completed maintenance and repair works at Sabine Pass that began in September. Flare systems have been improved, Cheniere said, adding that liquefaction activities have resumed at both Train 1 and Train 2.

At its Corpus Christi LNG export terminal the construction of Trains 1 and 2 is approximately 43 percent complete with completion expected in 2019, with Train 3 under development and expected to begin construction once more LNG sale and purchase agreements are signed.

Cheniere eyes mid-scale modular liquefaction project

The LNG exporter said in its report that it is exploring the development of a mid-scale liquefaction project.

Cheniere expects to make a  decision whether to pursue with the LNG export project by mid-year 2017.

The project would be developed using electric drive modular trains, with an expected aggregate nominal production capacity of approximately 9.5 mtpa of LNG.

Cheniere has completed a competitive bidding process and awarded a front-end engineering and design contract to a consortium consisting of KBR, Siemens, and Chart Industries.

 

LNG World News Staff

Related news

List of related news articles