Cheniere Energy, Inc. (NYSE American: LNG) announced today that its subsidiary, Cheniere Corpus Christi Liquefaction Stage III, LLC, has entered into a lump sum, turnkey, engineering, procurement and construction contract with Bechtel for the Corpus Christi Stage III project. In addition, CCL Stage III has released Bechtel to commence early engineering, procurement and other site work at the Corpus Christi Stage III project under a limited notice to proceed.
The Corpus Christi Stage III project is a fully-permitted project consisting of up to seven midscale trains, each with an expected liquefaction capacity of approximately 1.49 million tonnes per annum with a total production capacity of more than 10 mtpa. The project is commercially underpinned by long-term agreements with creditworthy counterparties.
“We are pleased to once again partner with Bechtel on the Corpus Christi Stage III project, and we look forward to building upon the unmatched track record for execution excellence the Cheniere and Bechtel relationship has established while successfully building our LNG platform. The signing of this EPC contract and the issuance of LNTP mark important steps towards a Final Investment Decision on the project, which we expect to occur this summer. We are excited to have the project underway and are focused on the remaining steps required in order to reach FID,” said Jack Fusco, Cheniere’s President and Chief Executive Officer. “The Corpus Christi Stage III Project commences as global LNG market fundamentals highlight the criticality of natural gas in the global energy mix. We look forward to providing our customers with reliable and flexible LNG from the Corpus Christi Stage III Project starting in 2025.”
“Cheniere’s award of the EPC contract for the third phase of the LNG development at the Corpus Christi complex is another important step in our long-term partnership to deliver affordable cleaner energy to the world,” said Brendan Bechtel, Chairman and CEO of Bechtel. “The industry-leading results we have helped Cheniere achieve over the last nine years are a testament to the power of a ‘One Team’ approach built upon shared goals and trust.”