Abu dhabi: Abu Dhabi-based Mubadala Energy announced Friday that Caturus LLC has taken a positive final investment decision on the $13 billion Commonwealth LNG project in the US state of Louisiana. The decision involves closing $9.75 billion in project financing for constructing the 9.5 million tons per annum liquefied natural gas export facility in Cameron Parish, as stated by the company.

According to Anadolu Agency, Mubadala Energy indicated that the final investment decision marks the commencement of full-scale construction, with operations expected to begin in 2030. The project's first phase is anticipated to yield over $3 billion in annual export revenue once operational. Long-term offtake agreements have been secured with several global energy and industrial companies, including EQT, Glencore, Mercuria, PETRONAS, and Aramco Trading.

Mubadala Energy owns a 24.1% stake in the Caturus platform, which encompasses Commonwealth LNG and Caturus' upstream operations, and is also involved in financing the project. Mansoor Mohamed Al Hamed, CEO of Mubadala Energy, stated that the final investment decision is a significant milestone for Commonwealth LNG and aligns with the company's international growth strategy.

Caturus CEO David Lawler highlighted that global demand for gas is increasing, and the company is strategically positioned across the value chain from upstream production to LNG exports. The Commonwealth LNG facility will have the capability to load LNG carriers with capacities of up to 216,000 cubic meters.