NEXT - NextDecade to move forward with Rio Grande LNG Phase 1 project
2023-07-12 17:25:35 ET
NextDecade ( NASDAQ: NEXT ) said Wednesday it made a positive final investment decision to move forward with construction of the first three liquefaction trains at the 27M metric tons/year Rio Grande LNG export facility in Texas.
The company said it executed an agreement for Phase 1, which includes $5.9B in financial commitments from Global Infrastructure Partners, GIC, Mubadala Investment Co. and TotalEnergies.
Rio Grande LNG issued the notice to proceed to Bechtel to begin construction under its turnkey engineering, procurement, and construction contracts.
The planned $18.4B project is the third U.S. liquefied natural gas proposal to reach a final investment decision this year, after Venture Global LNG's Plaquemines project in Louisiana and Sempra Energy's Port Arthur in Texas.
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NextDecade to move forward with Rio Grande LNG Phase 1 project