US Federal Energy Regulatory Commission (FERC) gives final order to Cameron LNG project
On 19 June, the Cameron LNG project received the US Federal Energy Regulatory Commission’s order (FERC), which authorizes Cameron LNG to site, construct, and operate facilities for the liquefaction and export of domestically-produced natural gas at the existing LNG terminal.
This decision was the ultimate step in the regulatory process before the non-FTA Final Agreement to be given by the DoE. The Final Investment Decision of the project’s sponsors is now the next step expected to occur within the very next future.
Gérard Mestrallet, CEO of GDF SUEZ, declared: “We are very pleased that Cameron LNG successfully completed a major regulatory milestone. We are looking forward to the Final Investment Decision, which will bring the concept of new US LNG export to reality”.
In May 2013, GDF SUEZ signed a Joint Venture agreement with Sempra, Mitsubishi and Mitsui to develop the project as well as a tolling agreement with Cameron LNG. Under these agreements, GDF SUEZ will hold a stake of 16.6% in the project and will have a long term liquefaction capacity of 4 million tons per annum (mtpa) serving its objective to reach an LNG supply portfolio of 20 mtpa by 2020. First commercial production of LNG is expected in 2018.
GDF SUEZ is a global LNG player and the main LNG importer in Europe. GDF SUEZ has the third largest LNG supply portfolio in the world, supplied from six different countries, and representing 16 mtpa. It controls a large fleet of 14 LNG carriers under mid and long term charter agreements. The fleet is permanently optimised to satisfy GDF SUEZ long term commitments and short term opportunities. The Group has also a significant presence in regasification terminals around the world and therefore a large and flexible access to downstream markets.
GDF SUEZ develops its businesses (power, natural gas, energy services) around a model based on responsible growth to take up today’s major energy and environmental challenges: meeting energy needs, ensuring the security of supply, fighting against climate change and maximizing the use of resources. The Group provides highly efficient and innovative solutions to individuals, cities and businesses by relying on diversified gas-supply sources, flexible and low-emission power generation as well as unique expertise in four key sectors: independent power production, liquefied natural gas, renewable energy and energy efficiency services.GDF SUEZ employs 147,200 people worldwide and achieved revenues of €81,3 billion in 2013. The Group is listed on the Paris, Brussels and Luxembourg stock exchanges and is represented in the main international indices: CAC 40, BEL 20, DJ Euro Stoxx 50, Euronext 100, FTSE Eurotop 100, MSCI Europe and Euronext Vigeo (World 120, Eurozone 120, Europe 120 and France 20).