July 12 Cheniere Energy Partners LP has
received firm financing commitments of about $3.4 billion to
build its planned liquefied natural gas project at Sabine Pass
in Louisiana, the company said on Thursday.
The financial commitments move Cheniere one step closer to
building its $5 billion dollar liquefied natural gas export
project, which the Houston-based company said could be online as
early as 2015.
Cheniere received regulatory approval in April to build the
plant, which will liquefy U.S. natural gas for shipping
It will be the first project of its kind in the United
States in nearly 50 years and comes as domestic gas production
hits record highs thanks to prolific output from shale deposits
across the country.
The company has secured firm supply deals with South Korea's
state-owned gas buyer KOGAS, Britain's BG Group
, India's GAIL and Spain's Gas Natural Fenosa.
The deals, which showed firm interest from global buyers, were
key to Cheniere securing financing.
Along with $2 billion in equity commitments for the project,
Cheniere has so far raised $5.4 billion to build the first two
liquefaction "trains" that turn the gas into liquid, the company
The company was still seeking $200 million in additional
financing, and expected to close financing at the end of the
"We expect to reach a final investment decision...upon
meeting all conditions precedent under the financial agreements,
including, but not limited to, completion of the financing
process," said Cheniere chief executive Charif Souki in a
Cheniere Partners also said it had withdrawn a planned $750
million loan syndication and postponed the purchase of the
Creole Trail Pipeline from its parent Cheniere Energy.