Tellurian to start construction Driftwood LNG in April

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LNG service delivers to Asia. Photograph: Reuters.

Tellurian Shall start full enchancment of its Driftwood LNG export terminal in Louisiana in April, although financing for the enterprise Will not be in place by then, The agency’s chairman, Charif Souki introduced.

In a current podcast on The agency’s internet website, Souki said The agency is working to nail down full financing for the $15.5 billion enterprise, which Shall be constructed by Bechtel. The agency expects to have financing full “Briefly order” however Will not have full enterprise financing finalized earlier than enchancment starts.

“Financing Might be carried out by April, However it could start Barely bit longer,” he said.

Tellurian has entry to enough capital to get by way of The primary yr of enchancment and is in dialogue with 45 fullly different monetary institutions to finance the enterprise, every of which has fullly different standards and requirements for financing.

“That is like herding cats,” he said.

The broad unfold between prices for pure gasoline in Henry Hub and worldbroad markets is The first set off The agency is assured that It could start enchancment earlier than financing is full. “I do know people usually Want to Converse about FID (final funding choice), however that doesn’t apply right here,” he said.

Bechtel has a $15.5 billion lump sum contract for engineering, procurement and enchancment of the plant that ensures A worth, efficiency and schedule, Tellurian said. It has acquired An important permits required for enchancment and operation and has fulld about 30% of the engineering after investing about $150 million, The agency said.

A yr and a half in the past, Tellurian urged analysts To watch pricing benchmarks in Asia and Henry Hub as proof of The need For further LNG.

Tellurian has 10-yr agreements with Gunvor, Vitol and Shell, to take about 9 million tonnes/yr from the Driftwood LNG plant, Platts reported.

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