Contango Announces $383 M in LNG Financing and Update Operations

Wednesday, December 21, 2005
Contango Oil & Gas Company announced that Freeport LNG Development, L.P. (FLNG), in which Contango holds a 10 percent partnership interest, has closed a $383 million private placement note issuance. The funds from the notes will be used to fund the construction of Phase I of FLNG's liquefied natural gas regasification terminal located near Freeport, Texas. Phase I will have a send-out capacity of 1.75 billion cubic feet per day. Natural gas will be transported through a 9-mile pipeline to Stratton Ridge, Texas, a major point of interconnection with the Texas intrastate gas pipeline system. The terminal's Phase I capacity has been sold to ConocoPhillips and The Dow Chemical Company. Construction is expected to be completed by January 2008. The proceeds of the notes will also fund the development of a gas storage salt cavern located at Stratton Ridge and a portion of the cost of an expansion of the LNG terminal. Phase II expansion of the LNG terminal includes a second LNG unloading dock and 0.5 Bcf per day of additional send-out capacity. Phase II capacity has been sold to MC Global Gas Corporation. Expansion applications have been submitted to the FERC and other government agencies and assuming approval of these applications in mid-2006, Phase II capacity is expected to be available in 2009.
Maritime Reporter February 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

LNG

ADB Okays $30mln for Pak LNG Terminal

The Asian Development Bank (ADB) has approved a $30 million project loan to Engro Elengy Terminal Private Limited, a special purpose company which will build Pakistan’s

Davie Building LNG-powered Ferries

Canadian shipbuilder Davie held a keel laying ceremony for MV Armand-Imbeau II, marking the beginning of the hull assembly for this first of two sisterships under

ClassNK Updates Guidelines for Floating Offshore Facilities

ClassNK released a new version of its Guidelines for Floating Offshore Facilities for LNG/LPG Production, Storage, Offloading and Regasification.   Available on the ClassNK website,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Offshore Oil Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1198 sec (8 req/sec)