HOUSTON, June 2, 2017 /PRNewswire/ -- Cheniere
Energy, Inc. ("Cheniere") (NYSE MKT: LNG) announced today that it
has achieved important regulatory and financial milestones related
to the development of its previously announced 200-mile 36-inch
interstate natural gas pipeline project (the "Midship
Project").
Midship Pipeline Company, LLC ("Midship") has filed an
application for a Certificate of Public Convenience and Necessity
with the Federal Energy Regulatory Commission ("FERC") with respect
to the Midship Project. Midship currently targets receipt of FERC
authorization in early 2018 and in-service of the Midship Project
in late 2018 or early 2019.
"The filing of the FERC application is an important development
for the Midship Project as we continue to progress the project
forward. Midship is being developed to provide a solution to
producers in the Anadarko Basin
that will ensure their product can reach growing demand markets
along the Gulf Coast, including LNG exports," said Jack A. Fusco, Cheniere's President and Chief
Executive Officer. "The Midship Project demonstrates the capability
and breadth of the Cheniere platform as we continue to execute on
our project development plans."
In addition to filing the FERC application, Midship Holdings,
LLC ("Midship Holdings") has entered into agreements with
investment funds managed by EIG Global Energy Partners ("EIG")
under which EIG-managed funds have committed to make an investment
of up to $500 million (the "EIG
Investment") in the Midship Project, subject to the terms and
conditions contained in the applicable agreements. Subject to
Midship Holdings making a positive Final Investment Decision with
respect to the Midship Project, the EIG Investment, and equity
contributed by Cheniere, is intended to ensure that the project has
the equity funding expected to be required to develop and construct
up to the full project design of 1,440,000 Dekatherms per day of
throughput capacity. Credit Suisse acted as exclusive financial
advisor to Cheniere on the EIG Investment.
"We are pleased to once again work with Cheniere on this
important American energy infrastructure project," said
Wallace Henderson, Managing Director
of EIG. "EIG has previously worked with Cheniere on the Corpus
Christi Liquefaction terminal, and is now excited to extend that
successful relationship further along the LNG and midstream value
chain."
The Midship Project is being developed to create pipeline
capacity of up to 1,440,000 Dekatherms per day of firm
transportation to connect production from the emerging STACK and
SCOOP resource plays in the Anadarko Basin in Oklahoma to growing Gulf Coast and Southeast
markets. The Midship Project is expected to consist of
approximately 200 miles of 36 inch diameter new mainline pipeline,
several laterals, compressor stations and interconnects that will
provide receipts from STACK and SCOOP processing plants and provide
deliveries to Bennington,
Oklahoma, as well as access to downstream markets including
the TexOk hub near Atlanta, Texas,
and the Perryville Hub near Tallulah,
Louisiana. As previously disclosed, Midship has secured
commitments from subsidiaries and/or affiliates of Cheniere, Devon
Energy Corporation, Marathon Oil Corporation, and Gulfport Energy
Corporation to support initial construction of approximately
1,000,000 Dekatherms per day of capacity.
Midship Holdings would require acceptable financing
arrangements, which may include project financings and offerings by
it or its subsidiaries of debt or equity, and regulatory and other
approvals before the proposed project begins construction.
About Cheniere
Cheniere Energy, Inc., a Houston-based energy company primarily engaged
in LNG-related businesses, owns and operates the Sabine Pass LNG
terminal in Louisiana. Directly
and through its subsidiary, Cheniere Energy Partners, L.P.,
Cheniere is developing, constructing, and operating liquefaction
projects near Corpus Christi,
Texas and at the Sabine Pass LNG terminal, respectively.
Cheniere is also exploring a limited number of opportunities
directly related to its existing LNG business.
For additional information, please refer to the Cheniere website
at www.cheniere.com and Quarterly Report on Form 10-Q for the
quarter ended March 31, 2017, filed with the Securities and
Exchange Commission.
About EIG
EIG specializes in private investments in
energy and energy-related infrastructure on a global basis and has
US$15.1 billion under management as
of March 31, 2017. Since 1982, EIG
has been one of the leading providers of institutional capital to
the global energy industry, providing financing solutions across
the balance sheet for companies and projects in the oil and gas,
midstream, infrastructure, power and renewables sectors globally.
During its 35-year history, EIG has invested US $23.7 billion in more than 315 portfolio
investments in 36 countries. EIG is headquartered in Washington, D.C., with offices in Houston, London, Sydney, Rio de
Janeiro, Hong Kong and
Seoul. For more information,
please visit www.eigpartners.com.
Forward-Looking Statements
This press release contains
certain statements that may include "forward-looking statements"
within the meanings of Section 27A of the Securities Act of 1933
and Section 21E of the Securities Exchange Act of 1934. All
statements, other than statements of historical or present facts or
conditions, included herein are "forward-looking statements."
Included among "forward-looking statements" are, among other
things, (i) statements regarding Cheniere's business strategy,
plans and objectives, including the development, construction and
operation of liquefaction facilities, (ii) statements regarding
expectations regarding regulatory authorizations and approvals,
(iii) statements expressing beliefs and expectations regarding the
development of Cheniere's LNG terminal and pipeline businesses,
including liquefaction facilities, (iv) statements regarding the
business operations and prospects of third parties, (v) statements
regarding potential financing arrangements and (vi) statements
regarding future discussions and entry into contracts. Although
Cheniere believes that the expectations reflected in these
forward-looking statements are reasonable, they do involve
assumptions, risks and uncertainties, and these expectations may
prove to be incorrect. Cheniere's actual results could differ
materially from those anticipated in these forward-looking
statements as a result of a variety of factors, including those
discussed in Cheniere's periodic reports that are filed with and
available from the Securities and Exchange Commission. You should
not place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. Other than as
required under the securities laws, Cheniere does not assume a duty
to update these forward-looking statements.
CHENIERE
CONTACTS:
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Investors
|
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Randy
Bhatia:
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713-375-5479
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Megan
Light:
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713-375-5492
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Media
Relations
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Eben
Burnham-Snyder:
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713-375-5764
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EIG
CONTACTS:
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Media
Relations
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Sard Verbinnen &
Co
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Robert Rendine /
Brandon Messina
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(212)
687-8080
|
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SOURCE Cheniere Energy, Inc.