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
- Phillips 66 to Shut LA Oil Refinery, Ending Major Gasoline Output Amid Supply Concerns
- FERC Sides with Williams in Texas-Louisiana Pipeline Dispute with Energy Transfer
- U.S. Appeals Court Blocks Kinder Morgan’s Tennessee Pipeline Permits
- ConocoPhillips Eyes Sale of $1 Billion Permian Assets Amid Marathon Acquisition
- Valero Considers All Options, Including Sale, for California Refineries Amid Regulatory Pressure
- U.S. Appeals Court Blocks Kinder Morgan’s Tennessee Pipeline Permits
- Malaysia’s Oil Exports to China Surge Amid Broader Import Decline
- U.S. LNG Export Growth Faces Uncertainty as Trump’s Tariff Proposal Looms, Analysts Say
- Marathon Oil to Lay Off Over 500 Texas Workers Ahead of ConocoPhillips Merger
- Valero Considers All Options, Including Sale, for California Refineries Amid Regulatory Pressure
Comments