NextDecade issues shares to Rio Grande LNG contractor Bechtel

NextDecade issues shares to Rio Grande LNG contractor Bechtel
Image courtesy of NextDecade

US LNG export project developer NextDecade Corporation issued $15 million worth of shares to Bechtel, the EPC contractor for the Rio Grande LNG project in Brownsville, Texas.

In May 2019, NextDecade executed contracts with Bechtel for the engineering, procurement, and construction (EPC) of the first three trains of NextDecade’s Rio Grande LNG project.

As part of these contracts, Bechtel had previously agreed to accept up to $15 million in NextDecade common stock in consideration for certain activities, NextDecade noted in its statement.

The EPC contracts are for the first phase of the Rio Grande LNG project, which consists of three liquefaction trains, two 180,000 cubic meter storage tanks and two marine berths.

Each liquefaction train is expected to have capacity up to 5.87 million tons per annum of LNG.

In addition to the 27 mtpa Rio Grande LNG export facility, NextDecade portfolio includes the 4.5 Bcf/d Rio Bravo Pipeline that would transport natural gas from the Agua Dulce area to the project.