Akin Gump Counsels South Korea’s SK E&S in Texas LNG Deal
(Houston) – Akin Gump advised South Korea’s SK E&S LNG in a 20-year liquefaction tolling agreement with FLNG Liquefaction 3, LLC, a subsidiary of Freeport LNG Expansion, L.P., and a series of related matters. The most recent matter included assisting SK E&S in connection with its involvement in the financing portion of the transaction, which closed April 28 and calls for senior and mezzanine debt financing commitments of approximately $4.56 billion, required for the construction of the third train of Freeport LNG’s liquefaction and LNG loading facility on Quintana Island near Freeport, Texas. The construction cost for the combined three-train project is expected to be approximately $12.5 billion.
The Akin Gump team advising SK E&S was led by Houston-based oil and gas and global project finance partner Steve Davis and included partners Gabe Procaccini and Chip Cowell and associate Heather Ashour.
Akin Gump advised SK E&S on the original liquefaction tolling agreement in 2013, which was the first time a private Korean company had obtained U.S. LNG export capacity. For more on that deal, please click here.
Founded in 1945, Akin Gump Strauss Hauer & Feld LLP is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East.
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