Sempra sells 42% stake in Port Arthur LNG Phase 1 project to KKR.

Sempra Infrastructure has completed the previously revealed transaction to divest a 42% stake in the $13 bn Port Arthur LNG Phase 1 project in Texas, US, to KKR. Financial terms of the agreement were undisclosed. After the closing of the deal, Sempra Infrastructure has lowered its stake to 28% in Phase 1 of the planned natural gas liquefaction and export terminal in southeast Texas, US. The remaining 30% stake in the Phase 1 project is owned by ConocoPhillips, which bought it from the Sempra arm in 2022. Sempra Infrastructure took a positive final investment decision (FID) for Phase 1 of the project in Mar 2023. Sempra had reported the deal with KKR at that time. Bechtel Energy was given a contract for the construction of the liquefied natural gas (LNG) facility. According to Sempra Infrastructure, over 2.8 M h of work have been done since the beginning of construction this spring-2023, without any incident leading to loss of time. The Port Arthur LNG Phase 1 project, situated in Jefferson County, TX, US, will have two natural gas liquefaction trains, two LNG storage tanks, and related units. It is meant to have a nameplate capacity of roughly 13 M tonnes/y. Train 1 would begin commercial operations in 2027, while Train 2 is expected to be brought online in 2028. The second phase of the project is also set to have two liquefaction trains totalling 13.5 M tonnes/y. Original Source: NS Energy, http://www.nsenergybusiness.com.