News Post
Cheniere leaning towards delaying its Corpus Christi LNG expansion in the face of a weakened global market. (1)
Cheniere Energy’s planned 10 mtpa Stage 3 expansion at its Corpus Christi LNG export terminal in Texas has slowed progress, the company wants to ensure sufficient commercial agreements are in place before proceeding further.
The weakened global LNG market has recently faced factors such as warmer winters, increased nuclear power planning, and the recent coronavirus outbreak that has quickly impacted demand. Cheniere CEO Jack Fusco recently stated that in regards to this weaker market that “…the whole urgency among customers to sign long-term contracts has dropped” and that “The market will be tough to continue to get our fair share of contracts and continue to commercialize Stage 3 at this point."
This expansion was expected to reach a final investment decision in the first half of this year but could be pushed into later in the year or even 2021. The project has progressed in recent months, as it received FERC authorization in late 2019 and is still expected to finalize EPC contracting in 2020.
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