ABU DHABI: Kimmeridge Energy Management Co is moving forward with plans to build a US$13bil liquefied natural gas (LNG) export plant on the United States gulf coast after securing backing from an Abu Dhabi sovereign fund.
Mubadala Energy will provide equity financing for the project in Louisiana as part of a US$9.75bil funding package, clearing the way for construction to begin, according to a statement.
The plant is scheduled to begin operations in 2030.
Mubadala Energy’s investment in the development, named Commonwealth LNG, is the latest sign that Middle East investors are pushing ahead with deal-making, even as Iran strikes energy and infrastructure assets across the Persian Gulf region.
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