Abu Dhabi-based company, Mubadala Energy, has successfully completed a strategic investment deal recently announced in the U.S. natural gas sector.
This move was made possible through its partnership with Kimridge, an alternative asset management firm focused on the energy sector. Additionally, the company formerly known as Sutx Holdco has been rebranded as Katorus, in which Mubadala Energy now holds a 24.1% ownership stake.
Katorus is committed to developing a leading, integrated platform for natural gas and liquefied natural gas (LNG) exports in the United States. This initiative combines two companies within its portfolio: Katorus Energy, formerly known as Kimridge Texas Gas, which specializes in natural gas exploration and production.
Also part of this initiative is Commonwealth LNG, which is projected to have a production capacity of 9.5 million metric tons per year for LNG exports, with its facility set to be constructed near Cameron, Louisiana.
Recently, Commonwealth LNG announced the signing of a contract with Technip Energies for engineering, procurement, and construction services for its state-of-the-art facility. A final investment decision is anticipated later this year.
The project is gaining significant momentum following a series of binding long-term sales agreements with major global buyers, including Glencore, Gera, and Petronas.
According to Mansoor Mohammed Al Hamed, CEO and Managing Director of Mubadala Energy: “Today’s announcement is a clear indication of the successful implementation of our international growth strategy.”
This integrated and responsible approach taken by Katorus aligns with our plans to invest across the natural gas value chain in key global energy hubs, allowing us to play a proactive role in balancing energy security priorities with transition requirements, while also creating long-term value for our stakeholders. We look forward to continuing our collaboration with the teams at Katorus and Kimridge.
Ben Dale, Managing Partner at Kimridge, stated: “Mubadala Energy’s investment provides strong support for Katorus’ strategy, and we are excited to work together to establish the only independent, integrated natural gas entity in the United States. We will spearhead innovation efforts in the LNG sector through a robust and responsible platform, contributing to the future of the low-emission energy industry.”