Port Arthur: FID Delayed

FID Postponed  to 2021 from Q3 2020 (S&P Global Platts)
Harry Weber (May 04): “Port Arthur is slipping a little bit,” Sempra CEO Jeffrey Martin said during an investor conference call. (A FID had previously been targeted for the Q3 2020.) Martin said Port Arthur LNG, like all major energy growth projects that Sempra is pursuing, will have to generate an investment return equal to or greater than its utility infrastructure “or we will not proceed on a project… The postponement comes amid weak international pricing and challenges in securing sufficient commercial agreements… Sempra is talking with Poland’s PGNiG and Saudi Aramco “about the optimal timing of this project,” Justin Bird, head of Sempra’s LNG unit, said on the call. A firm 2 mtpa SPA that PGNiG signed in December 2018 and a preliminary agreement that Aramco signed in May 2019 to take a 25% stake in Port Arthur LNG remain in effect, a Sempra spokeswoman said in an email response. Link to Content

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