Cheniere Signs EPC Contract with Bechtel for the Corpus Christi Stage III Project and Issues Limited Notice to Proceed to Commence Construction
08 March 2022 - 12:30AM
Business Wire
Cheniere Energy, Inc. (“Cheniere” or the “Company”) (NYSE
American: LNG) announced today that its subsidiary, Cheniere Corpus
Christi Liquefaction Stage III, LLC (“CCL Stage III”), has entered
into a lump sum, turnkey, engineering, procurement and construction
(“EPC”) 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
(“LNTP”).
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 (“mtpa”) 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.”
About Cheniere Cheniere Energy, Inc. is the leading
producer and exporter of liquefied natural gas (LNG) in the United
States, reliably providing a clean, secure, and affordable solution
to the growing global need for natural gas. Cheniere is a
full-service LNG provider, with capabilities that include gas
procurement and transportation, liquefaction, vessel chartering,
and LNG delivery. Cheniere has one of the largest liquefaction
platforms in the world, consisting of the Sabine Pass and Corpus
Christi liquefaction facilities on the U.S. Gulf Coast, with total
production capacity of approximately 45 million tonnes per annum of
LNG in operation. Cheniere is also pursuing liquefaction expansion
opportunities and other projects along the LNG value chain.
Cheniere is headquartered in Houston, Texas, and has additional
offices in London, Singapore, Beijing, Tokyo, and Washington,
D.C.
For additional information, please refer to the Cheniere website
at www.cheniere.com and Annual Report on Form 10-K for the year
ended December 31, 2021, filed with the Securities and Exchange
Commission.
About Bechtel Bechtel is a trusted engineering,
construction and project management partner to industry and
government. Differentiated by the quality of our people and our
relentless drive to deliver the most successful outcomes, we align
our capabilities to our customers’ objectives to create a lasting
positive impact. Since 1898, we have helped customers complete more
than 25,000 projects in 160 countries on all seven continents that
have created jobs, grown economies, improved the resiliency of the
world's infrastructure, increased access to energy, resources, and
vital services, and made the world a safer, cleaner place.
Bechtel serves the Energy; Infrastructure; Nuclear, Security
& Environmental; and Mining & Metals markets. Our services
span from initial planning and investment, through start-up and
operations. www.bechtel.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 financial and
operational guidance, business strategy, plans and objectives,
including the development, construction and operation of
liquefaction facilities, (ii) statements regarding regulatory
authorization and approval expectations, (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, (vi) statements regarding future
discussions and entry into contracts, (vii) statements relating to
Cheniere’s capital deployment, including intent, ability, extent,
and timing of capital expenditures, debt repayment, dividends, and
share repurchases, and (viii) statements regarding the COVID-19
pandemic and its impact on our business and operating results.
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.
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Cheniere Energy, Inc. Investors
Randy Bhatia, 713-375-5479 Frances Smith, 713-375-5753
Media Relations Eben
Burnham-Snyder, 713-375-5764
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