Chiyoda announced on Wednesday that the JV partners have continued “cooperative discussions” with Golden Pass LNG Terminal and have signed a binding term sheet addressing the key components of an agreement for completion of Trains 2 and 3 of the project.
When combined with the amendment of the engineering, procurement and construction (EPC) contract for the completion of the full scope for Train 1, which was announced last year, and when converted into an approved contract amendment, this term sheet addresses the full scope and commercial terms for completion of the project.
Chiyoda said that the JV partners and Golden Pass LNG Terminal will “continue engagements to finalize amendment to the contract and will disclose promptly when we conclude such agreement.”
State-owned QatarEnergy owns a 70 percent stake in the Golden Pass LNG project with a capacity of more than 18 mtpa and will offtake 70 percent of the capacity, while US energy firm ExxonMobil has a 30 percent share.
A joint venture of Chiyoda, McDermott’s CB&I, and Zachry won the EPC contract to build the three Golden Pass trains worth about $10 billion next to the existing LNG import terminal in the vicinity of Sabine Pass, Texas.
However, Zachry Holdings said in May last year that it had filed for bankruptcy, initiating a structured exit from the Golden Pass LNG export project due to “financial challenges” related to the facility’s construction.
In November 2024, Chiyoda and US-based CB&I reached a deal with Golden Pass LNG to complete the construction of the first liquefaction at the LNG export plant.
After that, Houston-based McDermott completed the sale of its CB&I storage business to a consortium of financial investors led by New York-based Mason Capital Management.
QatarEnergy and ExxonMobil, along with their contractors, continue to advance construction on their massive Golden Pass LNG export facility.
In February this year, ExxonMobil CEO Darren Woods said he expects the QatarEnergy-led Golden Pass LNG export project to produce first LNG volumes by the end of this year, “potentially slipping into early next year.”
