Jera increases stake in Freeport LNG

Japanese joint venture to buy share in the project’s operating company

Japan’s Jera has agreed to purchase a 25.7pc stake in the operating company of the Freeport LNG project in Texas from equity fund Global Infrastructure Partners (GIP) for approximately $2.5bn, subject to regulatory approval. Jera—a joint venture of Japanese utilities Tepco and Chubu Electric—already owns 25pc of Train 1 and has an offtake agreement in place for 2.32mn t/yr. Freeport has three liquefaction trains totalling 15.45mn t/yr of capacity. Jera says it will help advance the development of the fourth train. “As evidenced by the current gas price hikes around the world, securing a stable supply of competitive LNG is becoming increasingly important”, Jera says, adding that Freeport’s la