SEOUL, KOREA - Korea's 11 financial institutions including Korea EximBank, Korea Trade Insurance Corp., Industrial Bank of Korea, and Kookmin Bank will invest US$1.5 billion in a liquefied natural gas plant project in Sabine Pass near the Texas-Louisiana border.
Currently Sabine Pass has an LNG terminal with a total send-out capacity of 4.0 Bcf/d and 17 Bcfe of storage capacity. It will add a new liquefaction facility capable of processing 18 million tons of LNG a year. The total construction cost is estimated to be $8.9 billion, of which Korean financial institutions take the 17-percent stake.
The seven commercial banks will participate in the project by means of debt guarantees and surety insurance provided by Korea EximBank and Korea Trade Insurance Corp.
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