Energy Transfer (ET) unit Energy Transfer LNG Export entered into an agreement to develop its Lake Charles, Louisiana, liquefied natural gas project jointly with MidOcean Energy.
MidOcean is set to commit to fund 30% of the construction costs and receive 30% of the LNG production under the non-binding framework of the major terms for the joint development, Energy Transfer said Wednesday in a statement.
The obligations of the companies under the framework "will be subject to both parties' determination to take a positive final investment decision," among other things, according to the statement.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.