Galveston LNG Bunker Port Engages MUFG as Financial Advisor

Texas-based Galveston LNG Bunker Port, LLC (“GLBP”) announced it has appointed MUFG Bank, Ltd. and MUFG Securities Americas Inc. (together “MUFG”) to act as financial advisors in conjunction with the anticipated financing for the construction of its liquified natural gas (“LNG”) marine bunker project.

“We are pleased to be working with GLBP,” said Chip Lewis, managing director at MUFG Americas. “GLBP has a significant advantage in the small-scale LNG bunker market given its location in one of the most strategic U.S. ports. We look forward to a successful outcome for the project.”

MUFG (Mitsubishi UFJ Financial Group) is the world’s 10th largest financial group, with a global network of over 2,000 locations in over 40 countries. As the leading financier of energy infrastructure assets in North America, MUFG is consistently chosen to lead large and complex financing transactions. MUFG has unparalleled experience advising on and executing the successful financing of innovative and transformational energy projects globally.

“We are very pleased to add MUFG’s expertise and best-in-class project finance platform to the project team,” said Cheyne Hermes, head of finance for GLBP. “As the top arranger of bank project financings in the Americas for 15 years running, MUFG will assist GLBP in assembling an optimal financing package for the project as we continue advancing towards a final investment decision.”

GLBP board member and president of Seapath Group, Josh Lubarsky, further added: “Engaging a financial advisor – particularly one as experienced with complex LNG transactions as MUFG – is another major milestone for the project. After completing a thorough review process, we are certain that MUFG is the most qualified institution to assist GLBP.”

Located on the Texas City Ship Channel in the Texas City industrial area, GLBP will supply LNG by fuel barge to the rapidly expanding fleet of LNG-fueled vessels in the greater Houston-Galveston region. It is optimally located to serve major ports, including Port Houston, the Port of Galveston and the Port of Texas City. The project is a joint venture by Pilot LNG and Seapath Group and is projected to come online in 2028 as the US Gulf Coast’s first dedicated LNG liquefaction facility for marine bunkering.

This follows the project’s recent major announcements regarding the receipt of all necessary state and federal permits for construction of the facility and selection of NV5 LNG Engineering as the project’s EPC Contractor.