Exxon Mobil, Qatar Petroleum to Go Forward With Golden Pass LNG Terminal -- Update

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   By Stephen Nakrosis 
 

Exxon Mobil Corp. (XOM) and Qatar Petroleum on Tuesday announced the companies will proceed with developing the Golden Pass LNG export facility in Sabine Pass, Texas.

Construction on the $10 billion project is slated to begin in the first quarter and expected to be completed in 2024, the companies said.

Once completed, the facility will be able to produce around 16 million tons of liquefied natural gas a year.

The companies said construction will create about 9,000 jobs, and more than 200 permanent jobs will be created to operate the facility.

Qatar Petroleum will own 70% of the Golden Pass project, with Exxon Mobil holding the other 30%.

A joint venture including McDermott International Inc. (MDR), Chiyoda International Corp. and Zachry Group will provide engineering, procurement, construction and commissioning services for the project, starting this quarter. The JV didn't disclose the exact value but said it is a "mega" contract, defined as above $1 billion.

Enable Midstream Partners, LP (ENBL) said an affiliate of Golden Pass is the cornerstone shipper for that company's Gulf Run Pipeline project. As proposed, the Gulf Run Pipeline will extend from northern Louisiana to the Gulf Coast.

-- Josh Beckerman contributed to this article.

Write to Stephen Nakrosis at [e-mail]

(END) Dow Jones Newswires

February 05, 2019 19:06 ET (00:06 GMT)

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