“Caturus leadership recognizes and sincerely appreciates the significant contributions Farhad made during his tenure as CEO,” Caturus said in a social media post.
Ahrabi took over as Commonwealth LNG’s president and CEO in 2022.
He joined Commonwealth LNG following a seven-year tenure at Sempra’s Cameron LNG.
“Reaching FID is a defining milestone for the company and a testament to the dedication, resilience, and professionalism of the entire team, our partners, and stakeholders. I leave with immense pride and confidence in the future success of the project and the organization,” Ahrabi said.
US investment firm Kimmeridge and its partners UAE’s Mubadala Energy and Canada Pension Plan Investment Board recently made FID on the Commonwealth LNG export project.
Technip Energies also received full notice to proceed for a “major” EPC contract with Commonwealth LNG, worth above 1 billion euros ($1.16 billion) of revenue.
Mubadala Energy, which already holds a 24.1 percent stake in Kimmeridge’s Caturus platform comprised of Commonwealth LNG and Caturus’ upstream operations, is also an equity participant in the project’s financing.
Canada Pension Plan Investment Board (CPP Investments) will contribute $1.2 billion in financing to increase its total stake in the Caturus platform to 31 percent, including previous investments.
Phase 1 development is expected to generate more than $3 billion in annual export revenue when operations commence in 2030, according to the partners.
