Oil and gas business ConocoPhillips has signed a sale and purchase agreement to acquire 30% of the equity in Phase 1 of the Port Arthur LNG project under development in Jefferson County, Texas.
The LNG deal is with oil and gas infrastructure company Sempra and was signed in conjunction with a 20-year sale and purchase agreement between the parties, through which ConocoPhillips will purchase five million tonnes per annum of LNG from Sempra from the site.
Once complete, the Port Arthur LNG project is expected to feature two liquefaction trains and LNG storage tanks, and associated facilities that can produce up to 13.5 million tonnes per annum of LNG.
Sempra recently said that the final investments for Phase 1 of the liquefaction project should be wrapped up in the first quarter of 2023.
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