TheGlobe.com Inc (TGLO)

[JAB65]

Not an irrelevant nugget at all. This represents a potential/additional level of support for the project and future projects.

According to industry sources on the 7th, the Ministry of Trade, Industry and Energy is discussing with the Korea Trade Insurance Corporation (K-SURE) and The Export-Import Bank of Korea (KEXIM) a plan to provide more than 1 billion dollars (about 1.5 trillion won) in export guarantees for the Louisiana FLNG plant project in the United States.

Samsung Heavy Industries has secured construction orders worth 3 to 4 billion dollars for this project, which involves building a floating LNG plant off the coast of Cameron Parish, Louisiana. It will be the first offshore plant in the United States to liquefy and store natural gas that is in gaseous form at sea. Project owners include U.S. energy developer Delfin LNG, Japanese shipping company Mitsui O.S.K. Lines, investment firm BlackRock, and the Korea Overseas Infrastructure & Urban Development Corporation (KIND). The construction period is expected to be five years, with operations projected to last more than 25 years. The total project cost is about 4.7 billion dollars (around 7 trillion won), and once completed, the plant is expected to produce 4.4 million tons of LNG annually.

The Korean government is also reportedly reviewing an investment in the project using the Korea–U.S. Investment Fund.