Sempra Completes Port Arthur LNG Phase 1 Interest Sale to KKR
(P&GJ) — Sempra Infrastructure announced that it has completed the sale of a 42% indirect, non-controlling interest in its Port Arthur LNG Phase 1 project to KKR.
"The closing of this transaction continues the positive momentum of our world-class Port Arthur LNG facility and highlights Sempra Infrastructure's ability to access capital to support the growth of its infrastructure business," Justin Bird, CEO of Sempra Infrastructure, said.
The transaction, which closed in accordance with the terms previously disclosed, results in Sempra Infrastructure retaining a controlling 28% indirect interest in Phase 1 at the project level, and ConocoPhillips owning the remaining 30% interest.
RELATED: Sempra Reaches Final Investment Decision on Port Arthur LNG Plant's Phase 1
Sempra Infrastructure reached a positive final investment decision for Port Arthur LNG Phase 1 in March 2023 and contracted global engineering, procurement and construction firm Bechtel Energy Inc. to build the project. Over 2.8 million hours of work have been completed since construction began this spring, with no lost-time incidents. The expected commercial operation dates for Train 1 and Train 2 are 2027 and 2028, respectively.
"We are pleased to close our investment in this critical energy infrastructure project led by the Sempra Infrastructure team," said James Cunningham, Partner at KKR. "Port Arthur LNG Phase 1 has continued its strong momentum and is on track to meet its objectives of helping to deliver energy security, economic growth and a near-term supply of reliable and cleaner energy."
Related News
Related News
- Kinder Morgan Proposes 290-Mile Gas Pipeline Expansion Spanning Three States
- 1,000-Mile Pipeline Exit Plan by Hope Gas Alarms West Virginia Producers
- Valero Plans to Shut California Refinery, Takes $1.1 Billion Hit
- Three Killed, Two Injured in Accident at LNG Construction Site in Texas
- Boardwalk’s Texas Gas Launches Open Season for 2 Bcf/d Marcellus-to-Louisiana Pipeline Expansion
- New Alternatives for Noise Reduction in Gas Pipelines
- Construction Begins on Ghana's $12 Billion Petroleum Hub, But Not Without Doubts
- DOE Considers Cutting Over $1.2 Billion in Carbon Capture Project Funding
- Valero Plans to Shut California Refinery, Takes $1.1 Billion Hit
- Newsom Seeks to Aid Struggling Refiners Following Valero’s California Exit
Comments