Sabine Pass LNG export project takes step

By OGJ editors

Cheniere Energy Partners LP (CEP) has taken a step toward a final investment decision on the Sabine Pass LNG export project by entering an exclusive agreement for financing worth $2 billion.

The agreement, with Blackstone Energy Partners LP, Blackstone Capital Partners VI LP, and affiliates, is to finalize and execute definitive agreements to purchase new senior subordinated pain-in-kind units of CEP.

CEP’s pending decision covers construction of the first two of four modular liquefaction trains at its Sabine Pass terminal in Cameron Parish, La., which now has 4 bcfd of regasification and sendout capacity (OGJ Online, Dec. 20, 2011).

The company estimates cost of the first two trains, with nominal capacities of 4.5 million tonnes/year of LNG each, at $4.5-5 billion before financing costs.

It would use proceeds from the new financing for the equity portion of costs of developing, building, and placing into service the liquefaction equipment; closing the purchase of the 94-mile Creole Trail pipeline from Cheneire Energy Inc.; and other partnership business.

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