Cheniere Energy (NYSEMKT:LNG) has reached a deal with veteran construction firm Bechtel to build it a set of liquefied natural gas assets. The two have entered into a pair of lump-sum turnkey contracts to build three LNG trains and related facilities near Corpus Christi, Texas. The total price of the two contracts is around $9.5 billion; Cheniere said its total costs for what it's calling the Corpus Christi Liquefaction Project will amount to $10.5 billion to $11.0 billion.
The deal includes three LNG trains, three storage tanks, and two berths. The trains are each to have a capacity of roughly 4.5 million metric tons per year of LNG, while the tanks should be able to hold around 10.1 billion cubic feet equivalent. The two berths are to be able to accommodate trains with a capacity of up to 267,000 cubic meters.
The project is expected to begin next year, with the first train being operational in 2018.
Corpus Christi is the second and smaller of Cheniere's two long-term LNG terminal projects. The first, Sabine Pass in Louisiana, is being developed for six LNG trains with aggregate capacity of around 27 metric tonnes per year.