Golden Pass Products Moves Forward with Key Commercial Agreement for LNG Export
May 09, 2013
May 9, 2013 –
HOUSTON – Golden Pass Products LLC (GPP) announced today that its shareholders’ affiliates Qatar Petroleum International (QPI) and ExxonMobil have signed a Commercial Framework Agreement for the proposed liquefaction project at the world-class Golden Pass LNG terminal facility in Sabine Pass, Texas.
This arrangement establishes a commercial framework to sell up to the full 15.6 million metric ton annual (MTA) output of the Golden Pass Products liquefaction project, and provide shipping and sales opportunities to existing and new markets, including leveraging the sponsors’ long- term arrangements for international imports via the United Kingdom’s South Hook facility.
Golden Pass shareholders and their joint ventures are world leaders in the LNG business with operational LNG expertise, financial capabilities, access to shipping fleets, large-scale regasification facilities and a diverse global customer portfolio.
“This agreement sets out a highly competitive commercial blueprint for Golden Pass Products, with a commitment that builds on the unique combined strengths of QPI and ExxonMobil throughout the global downstream LNG value chain,” said Bill Collins, president of Golden Pass Products.
Golden Pass Products would invest approximately $10 billion to build the liquefaction facility in Sabine Pass, Texas, and would create about 45,000 direct and indirect jobs across the United States during the construction phase.
Golden Pass Products has received U.S. Department of Energy (DOE) authorization for exports to Free-Trade Agreement (FTA) countries, and is awaiting DOE approval to export to non-FTA countries. In addition, Golden Pass Products is advancing preparations for the Federal Energy Regulatory Commission (FERC) permitting process and anticipates pre-filing soon.
About Golden Pass Products
Golden Pass Products LLC is affiliated with Golden Pass LNG Terminal LLC and Golden Pass Pipeline LLC, which since 2005 have constructed and operated the LNG import facility and distribution pipeline in Sabine Pass, Texas. Houston-headquartered Golden Pass Products LLC was formed by affiliates of Qatar Petroleum and Exxon Mobil Corporation. Golden Pass Products is an Equal Opportunity Employer. For more information, visit: www.goldenpassproducts.com.