NextDecade Completes Final Investment Decision, Financial Close on Rio Grande LNG’s Train 4

NextDecade Corp. completed the positive final investment decision (FID) and closed financial transactions for Train 4 and related infrastructure at Rio Grande LNG, with the company also progressing Train 5 toward FID in Q4 2025. Following positive FID and financial close, NextDecade issued Bechtel Energy full notice to proceed with turnkey engineering, procurement, and construction (EPC) on Train 4 and associated assets.

“We are pleased to announce today that we have made a positive FID on Train 4 and issued full notice to proceed to Bechtel,” said Matt Schatzman, NextDecade’s Chairman and Chief Executive Officer. “The global call for additional natural gas infrastructure continues to be strong, and we are well positioned to meet this growing demand for cleaner energy, with approximately 24 MTPA of expected LNG production capacity currently under construction, Train 5 nearing a positive FID, and significant additional expansion capacity under development at the Rio Grande LNG site.”

Train 4’s expected LNG production capacity is approximately 6 MTPA, with 4.6 MTPA of 20-year LNG sale and purchase agreements (SPAs) booked by ADNOC, TotalEnergies, and Aramco. The Train 4 completion date and first commercial LNG delivery is slated for late 2030. Approximately $6.7 billion will be spent on Train 4, related infrastructure, total EPC costs, and more.

NextDecade also completed Train 5 commercialization, with 4.5 MTPA of 20-year LNG SPAs secured by JERA, EQT Corp., and ConocoPhillips. Bechtel Energy secured a lump-sum, turnkey EPC contract for Train 5 and its infrastructure, again costing approximately $6.7 billion across all facets. Positive FID on Train 5 is expected in Q4 2025, with substantial completion and first deliveries scheduled for early 2031.

TotalEnergies’ LNG Bunkering

In late July 2025, TotalEnergies and CMA CGM Group agreed to develop a 50/50 logistics joint venture to implement and operate an LNG bunker supply solution at the Port of Rotterdam, in the Netherlands, to accelerate the energy transition in the maritime sector. A new jointly operated 20,000 cubic-meter LNG bunker vessel will be positioned in Rotterdam by the end of 2028. The joint venture will offer complete logistics service, including:

• Reload access at the Gate terminal facilities
• LNG bunker delivery
• A wide range of vessels operating in the Amsterdam-Rotterdam-Antwerp (ARA) region, including those of CMA CGM as well as other shipping operators

The joint venture will leverage TotalEnergies’ established logistics infrastructure in the ARA region, where the 18,600 m³ LNG bunker vessel, Gas Agility, has been in operation since 2020. To support CMA CGM’s goal of achieving Net Zero Carbon by 2050 and to ensure the supply for its dual-fuel LNG-powered fleet, which is expected to grow to 123 vessels by 2029, TotalEnergies will provide CMA CGM with up to 360,000 tons of LNG annually, starting in 2028 and continuing until 2040.

Port Arthur LNG

In August, ConocoPhillips and Sempra Infrastructure signed a 20-year SPA for 4 MTPA of LNG from the Port Arthur LNG Phase 2 (PALP 2) development project in Jefferson County, TX. The PALP 2 development project will feature two liquefaction trains that produce approximately 13 MTPA of LNG. This phase increases the Port Arthur LNG facility’s total liquefaction capacity to about 26 MTPA. Future phases are in the early development stage.