Builder of Qatar-Exxon LNG facility files for bankruptcy

Builder of Qatar-Exxon LNG facility files for bankruptcy

Zachry Holdings, the lead contractor on the QatarEnergy and ExxonMobil Golden Pass LNG project in Texas, has filed for Chapter 11 bankruptcy protection. Zachry Holding’s share of the $10 billion Golden Pass project is valued at $5.8 billion. The company said it is pursuing a “structured exit”. “Because we have been unable to find a […]

QatarEnergy owns 70% of export facility

Constructor Zachry ‘forced to take action’

Exxon pledges full support of project

Zachry Holdings, the lead contractor on the QatarEnergy and ExxonMobil Golden Pass LNG project in Texas, has filed for Chapter 11 bankruptcy protection.

Zachry Holding’s share of the $10 billion Golden Pass project is valued at $5.8 billion. The company said it is pursuing a “structured exit”.

“Because we have been unable to find a path forward, we have been forced to take action to protect our business,” John Zachry, CEO of the San Antonio, Texas-based company, said in a statement.

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QatarEnergy owns a 70 percent stake in the Golden Pass LNG joint venture, and ExxonMobil owns the other 30 percent.

Exxon said it would review construction timing and provide an update in the future.

Golden Pass LNG is being built