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Cheniere's Midship gas pipeline project secures up to $500M from EIG funds

Cheniere Energy Inc. subsidiary Midship Holdings LLC struck agreements with funds managed by EIG Global Energy Partners LLC for up to $500 million of investments in Cheniere's Midship interstate pipeline project to pull natural gas from Oklahoma.

The commitment is subject to the project receiving a positive final investment decision, Cheniere said in a June 2 news release. The agreements aim to secure the funding for up to the full project design of 1,440,000 Dth/d of throughput capacity.

"EIG has previously worked with Cheniere on the Corpus Christi Liquefaction terminal, and is now excited to extend that successful relationship further along the LNG and midstream value chain," said Wallace Henderson, managing director of EIG.

The project has also received commitments from affiliates of Cheniere, Devon Energy Corp., Marathon Oil Corp. and Gulfport Energy Corp. underpinning initial construction of about 1 million Dth/d of capacity.

Midship Pipeline Co. LLC on May 31 filed an application with the Federal Energy Regulatory Commission for a Natural Gas Act certificate that would allow the project to start up by April 2019. The Midship project is a 200-mile pipeline transporting natural gas from the STACK and SCOOP plays in Oklahoma to Gulf Coast and Southeast markets. The build-out would include the mainline pipeline, laterals, compressor stations and interconnects to receive product from processing plants in the two resource plays and deliver to downstream markets in Oklahoma, Texas and Louisiana.

Credit Suisse acted as Cheniere's financial adviser for the deals.