On Dec. 22, 2003 Sabine filed an application with the Federal Energy Regulatory Commission (FERC) for authorization to construct and operate the terminal with processing capacity of 2.6 billion cubic feet per day (Bcf/d). On Nov. 12, 2004 the FERC staff concluded in a Final Environmental Impact Statement that approval of the Sabine Pass LNG Terminal and Pipeline Project, with appropriate mitigating measures as recommended, would have limited adverse environmental impact. On Dec. 15, 2004 FERC Commissioners voted to issue an Order under Section 3 of the Natural Gas Act granting approval for the terminal. The terminal will consist of three 160,000 cubic meter storage tanks and two unloading docks capable of handling ships of up to 250,000 cubic meters -- currently the largest ships planned for construction. Over 600 construction workers are expected at peak construction and there will be approximately 75 permanent jobs created when the facility is in operation.
The Lump Sum Turnkey agreement is valued at $647 million. Cheniere has also budgeted approximately $173 million of owner's costs and contingencies, bringing the total capital budget to approximately $820 million before financing costs, changes in commodity prices and unanticipated change orders.
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