Freeport LNG Expansion LP announced that its subsidiaries FLNG Liquefaction LLC and FLNG Liquefaction 2 LLC successfully closed on debt and equity financing commitments of about $11 billion in capital needed for the development of the first two trains of Freeport LNG’s natural gas liquefaction and LNG loading facility on Quintana Island near Freeport, Texas. Commitments over the project’s expected cost of $9.64 billion provide a buffer for contingencies and cost overruns to ensure successful completion, the company said in a statement.
Freeport LNG also issued a full notice to proceed with construction of the first two liquefaction trains of the Freeport LNG liquefaction project to CB&I Inc. and Zachry Industrial Inc. Financing and commencement of construction on the third train is expected in second-quarter 2015. The first liquefaction train is expected to begin operations in third-quarter 2018, with the second liquefaction train coming online five months later.
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