NextDecade Corp. has announced that its subsidiary, Rio Grande LNG, LLC, has entered into a lease agreement with the Brownsville Navigation District (BND).
According to the statement, the lease agreement was considered and approved during a meeting of the BND board of commissioners. The lease term covers an area of land measuring approximately 984 acres in Cameron County, Texas, US. It carries an initial lease term of 30 years, with two options to renew and extend the term of the lease for periods of 10 years each. The lease agreement supersedes exclusive site option agreements.
In the statement, NextDecade claims that it is planning to build, operation and maintain a large scale LNG export terminal on the site in the Port of Brownsville. The terminal will include gas pretreatment, liquefaction and other supporting facilities and infrastructure.
Matt Schatzman, NextDecade’s President and Chief Executive Officer, said: “We are pleased to have formally executed our lease agreement with the Brownsville Navigation District, and appreciate the on going support of Chairman Reed and the BND Commission.
“As we continue to advance our Rio Grande LNG project, we look forward to creating opportunities for local workers and communities across the Rio Grande Valley.”
Pending the achievements of commercial milestones and receipt of requisite regulatory approvals, NextDecade anticipates making a positive final investment decision (FID) on its Rio Grande LNG project by the end of 3Q19.
Read the article online at: https://www.lngindustry.com/liquefaction/08032019/nextdecade-executes-site-lease-for-rio-grande-lng-project-in-brownsville/