Cheniere Energy announced Wednesday that its board of
directors gave final approval for the development and
construction of Trains 3 and 4 of the liquefaction project being developed adjacent to
the Sabine Pass LNG
As such, Cheniere issued contractor Bechtel a full notice to
proceed with construction of the trains.
Cheniere said credit lines worth $5.9 billion had been
secured, including a syndicated loan and loans through Korean
banks. The debt will mature in 2020.
These credit facilities complete the financings
needed to fund the costs of developing, construction and placing into
service the first four liquefaction trains, according to the
"We have completed all milestones to start construction on
the first four liquefaction trains," said CEO Charif Souki.
"Construction on Trains 1 and 2 commenced last August and is
approximately 30% complete," he said. "Construction on Trains 3 and 4 will
start immediately. First LNG
is expected to be delivered by late 2015."
The company said it expects to file an application by
September 2013 for US approval of Trains 5 and 6.
Cheniere's Sabine Pass project, located on the
Louisiana-Texas border, was the first project allowed by the US to export
to countries without a free trade agreement with the US.