HOUSTON--(BUSINESS WIRE)--Today Cameron LNG announced that it has reached a settlement agreement with CCJV regarding the construction of the three-train LNG liquefaction project in Hackberry, Louisiana. CCJV is a joint venture between affiliates of Chicago Bridge & Iron Company N.V. and Chiyoda Corporation.
The settlement is subject to satisfaction of certain conditions and resolves all outstanding matters with CCJV and better positions the parties in achieving the joint goal of having all three liquefaction trains producing LNG in 2019.
The settlement falls within the existing construction budget and financing commitments for the project and creates a constructive path for all parties to focus on placing the project into service with incentives for the contractor to achieve the schedule.
“We are pleased to have resolved all outstanding matters with CCJV so all efforts can be focused on the safe and successful completion of the project as we get closer to commissioning and start of operations,” said Farhad Ahrabi, Chief Executive Officer of Cameron LNG.
Cameron LNG is jointly owned by affiliates of Sempra LNG & Midstream, ENGIE (formerly GDF SUEZ), Mitsui & Co. Ltd. and Japan LNG Investment, LLC, a company jointly owned by Mitsubishi Corporation and Nippon Yusen Kabushiki Kaisha (NYK).
This news release contains statements that are not historical fact and constitute forward-looking statements. These statements can be identified by words like “expects”, “will”, “may”, “plans”, “intends” or similar expressions. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Future results may differ materially from those expressed in the forward-looking statements. Forward-looking statements are necessarily based upon various assumptions involving judgments with respect to the future and other risks, including, among others: local, regional, national and international economic, competitive, political, legislative and regulatory conditions and developments; actions and the timing of actions, including issuances of permits to construct and licenses for operation, by the U.S. Department of Energy, Federal Energy Regulatory Commission and other regulatory, governmental and environmental bodies in the United States; the timing and success of business development efforts and construction, maintenance and capital projects, including risks in obtaining, maintaining or extending permits, licenses, certificates and other authorizations on a timely basis and risks, in obtaining adequate and competitive financing for such projects; energy markets, including the timing and extent of changes and volatility in commodity prices, and the impact of any protracted reduction in oil prices from historical averages; capital markets conditions, including the availability of credit, interest and currency exchange rates; weather conditions, natural disasters, catastrophic accidents, and other events that may damage our facilities and systems; business, regulatory, environmental and legal decisions and requirements; and other uncertainties, all of which are difficult to predict and many of which are beyond our control.
