NextDecade Executes Site Lease for Rio Grande LNG Project in Brownsville
March 07 2019 - 8:00AM
Business Wire
NextDecade Corporation (NextDecade) (NASDAQ: NEXT) announced
today that Rio Grande LNG, LLC, a NextDecade subsidiary, has
entered into a lease agreement with the Brownsville Navigation
District (BND). The lease agreement was considered and approved
during a meeting of the BND Board of Commissioners.
The lease agreement, which covers an approximately 984-acre
parcel of land in Cameron County, Texas, carries an initial term of
thirty years, with two options to renew and extend the term of the
lease for periods of ten years each. The lease agreement supersedes
exclusive site option agreements.
On the site in the Port of Brownsville, NextDecade plans to
construct, operate, and maintain a large-scale liquefied natural
gas (LNG) export terminal, including gas treatment, liquefaction,
and other supporting facilities and infrastructure.
“We are pleased to have formally executed our lease agreement
with the Brownsville Navigation District, and appreciate the
ongoing support of Chairman Reed and the BND Commission,” said Matt
Schatzman, NextDecade’s President and Chief Executive Officer. “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.”
Currently one of the largest proposed private investments in the
State of Texas, Rio Grande LNG and its associated Rio Bravo
Pipeline could result in more than $15 billion of investment in
Cameron County. The proposed facility and pipelines are expected to
create more than 5,000 jobs. Additionally, exports from Rio Grande
LNG could significantly improve the U.S. balance of trade and
support key allies around the world by providing access to
reliable, clean natural gas.
Pending the achievements of commercial milestones and receipt of
requisite regulatory approvals, NextDecade anticipates making a
positive final investment decision on its Rio Grande LNG project by
the end of the third quarter of 2019.
About NextDecade Corporation
NextDecade is an LNG development company focused on LNG export
projects and associated pipelines in Texas. NextDecade intends to
develop the largest LNG export solution linking Permian Basin
associated gas to the global LNG market, creating value for
producers, customers, and stockholders. Its portfolio of LNG
projects includes the 27 mtpa Rio Grande LNG export facility in
Brownsville, Texas and the 4.5 Bcf/d Rio Bravo Pipeline that would
transport natural gas from the Agua Dulce area to Rio Grande LNG.
NextDecade’s technology selections are expected to foster
operational reliability and afford NextDecade’s customers access to
reliable, low-cost, abundant natural gas from the Permian Basin,
Eagle Ford Shale, and other basins. NextDecade’s common stock is
listed on the Nasdaq Stock Market under the symbol “NEXT.”
NextDecade is headquartered in Houston, Texas.
CAUTIONARY INFORMATION ABOUT FORWARD-LOOKING
STATEMENTS
This press release contains forward-looking statements within
the meaning of U.S. federal securities laws. The words “believe,”
“expect,” “intend,” “plan,” “potential,” and similar expressions
are intended to identify forward-looking statements, and these
statements may relate to the business of NextDecade and its
subsidiaries. These statements have been based on NextDecade’s
current assumptions, expectations, and projections about future
events and involve a number of known and unknown risks, which may
cause actual results to differ materially from expectations
expressed or implied in the forward-looking statements. These risks
include uncertainties about NextDecade’s Rio Grande LNG and Rio
Bravo Pipeline projects and other matters discussed in the “Risk
Factors” section of NextDecade’s Annual Report on Form 10-K for the
year ended December 31, 2018 and other subsequent reports filed
with the Securities and Exchange Commission, all of which are
incorporated herein by reference.
Any development of the projects remains contingent upon
completing required commercial agreements; acquiring all necessary
permits and approvals; securing all financing commitments and
potential tax incentives; achieving other customary conditions; and
making a final investment decision to proceed. The forward-looking
statements in this press release speak as of the date of this
release. Although NextDecade believes that the expectations
reflected in these forward-looking statements are reasonable, it
can give no assurance that the expectations will prove to be
correct. NextDecade may from time to time voluntarily update its
prior forward-looking statements, however, it disclaims any
commitment to do so except as required by securities laws.
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version on businesswire.com: https://www.businesswire.com/news/home/20190307005204/en/
Investors: Patrick Hughes | + 1 (832) 209 8131 |
phughes@next-decade.comMedia: Ashley Helmer | + 1 (281) 249
5453 | ahelmer@next-decade.com
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