Cheniere adds two more Sabine Pass LNG trains

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 export terminal.

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 company.

"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 LNG to countries without a free trade agreement with the US.

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