EPC Agreements Extended with Contractor for Proposed NextDecade LNG Terminal
03.19.2021 - NEWS

March 19, 2021 [Tank News International] – NextDecade has extended agreements with its construction contractor, which will give it more breathing room as it tries to secure sufficient commercial support to sanction its up to 27 million mt/year Rio Grande LNG export project in South Texas.

 

The extension, disclosed in a statement on March 8, keeps the pricing in the engineering, procurement and construction (EPC) contract with Bechtel in place until December 31, 2021 and the EPC contract itself, which is valid until July 31, 2022.

NextDecade has extended agreements with its construction contractor, which will give it more breathing room as it tries to secure sufficient commercial support to sanction its up to 27 million mt/year Rio Grande LNG export project in South Texas.

The extension, disclosed in a statement on March 8, keeps the pricing in the engineering, procurement and construction (EPC) contract with Bechtel in place until December 31, 2021 and the EPC contract itself, which is valid until July 31, 2022.

NextDecade’s cost would continue to be $600/mt, or a total of $7.04 billion, if it initially moves forward with two of the five proposed liquefaction trains, while its cost would be $543/mt, or a total of $9.57 billion, if it makes a positive final investment decision on three trains.

It expects the cost per ton to be reduced further if it builds all five trains currently proposed. The total cost figures include storage tanks and marine berths.

FID on at least two trains, which has been delayed several times, is currently targeted for 2021.

In January, NextDecade scrapped plans for a second LNG export terminal near Galveston, saying the site it was considering was not suitable for development.

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