Summary
This 8-K filing from Cheniere Energy, Inc. announces the formation of Corpus Christi LNG, L.P. (Corpus LNG), a limited partnership established to develop a liquefied natural gas (LNG) receiving terminal near Gregory, Texas. Cheniere LNG, Inc., a wholly-owned subsidiary, will hold a 66.7% interest in Corpus LNG, contributing technical expertise and project development work. BPU LNG, an affiliate of Sherwin Alumina Company, will hold the remaining 33.3% interest, contributing land, easements, and initial project funding. This partnership marks a significant step in advancing Cheniere's Corpus Christi LNG project. The company will manage the project, focusing on design and planning, with the goal of filing with the Federal Energy Regulatory Commission (FERC) in January 2004. Investors should note that the formation of this partnership and the subsequent development of the LNG terminal are key to Cheniere's future growth and operational strategy.
Key Highlights
- 1Formation of Corpus Christi LNG, L.P. (Corpus LNG) to develop an LNG receiving terminal.
- 2Cheniere LNG, Inc. (wholly-owned subsidiary) holds a 66.7% interest in Corpus LNG.
- 3BPU LNG (affiliate of Sherwin Alumina Company) holds a 33.3% interest in Corpus LNG.
- 4Cheniere contributes technical expertise and project work, while BPU LNG contributes land and initial funding.
- 5Cheniere will manage the project, focusing on design and planning.
- 6Target filing with FERC for the Corpus Christi project is January 2004.
- 7Partnership agreement is effective as of May 15, 2003, and was officially executed on June 11, 2003.