EventAction
Blackstone anchors a US$150M private placement in Ksi Lisims developer Western LNG, with rights to invest equity at the final investment decision
Western LNG, the Houston-based developer of Ksi Lisims LNG and the Prince Rupert Gas Transmission pipeline, announced on 14 January 2025 that it had completed, on 30 December 2024, a private placement securing more than $150 million in commitments, anchored by Blackstone Energy Transition Partners and joined by affiliates of Jefferies, Transition Equity Partners and others. The company said Blackstone and the other participants also secured rights to invest equity in Ksi Lisims at its final investment decision and that, with similar rights already held by Stonepeak, these cover all the equity needed to start construction. No equity in the plant changes hands before that decision.
- Date
- Kind
- Financing
- Where
- International
- Evidence
- Action: Something was done: a law switched on, a tariff imposed, money committed. How evidence is weighed
- Who
- Ksi Lisims LNG (proponent) (counterparty); Blackstone (acted); Stonepeak (subject)
Sources
- Western LNG, “Significant investment in Western LNG funds Ksi Lisims LNG and PRGT projects to FID” (external site), . source record
- LNG Prime, “Ksi Lisims LNG partners eye FID in 2025 after Blackstone investment” (external site), . paywalled source record
Projects
Claims that rest on this event
- Every signed LNG sales contract we found is for markets outside the US: BP (Woodfibre LNG), ExxonMobil's Asia-Pacific unit (Cedar LNG), and Shell, TotalEnergies and Uniper (Ksi Lisims, which has no final investment decision yet). SEFE's and Santos's deals with Ksi Lisims are non-binding.
US investment firms (Blackstone, Stonepeak) hold rights to invest in Ksi Lisims at its investment decision, so US capital gains a stake in the supply even though the buyers are outside the US.
How it bears on the outcome
| Explanation | Fit | Why |
|---|---|---|
| O0 No meaningful speed-up | Neutral weak | Pre-FID financing completed in December 2024 predates the pressure and does not show a speed-up. |
| O1 Faster, but the extra output goes mostly elsewhere | Fits weak | The capital backs an LNG export plant aimed at overseas markets, consistent with new output going elsewhere. |
| O2 Faster, and more volume reaches the US (this level or higher) | Neutral weak | Says nothing about volumes reaching the US. |
| O3 Locked-in preferential terms for the US | Neutral weak | US investors gain equity rights, but in a plant exporting overseas; US capital is not a preferential term for US buyers, so it fits all readings equally. |