21 January 2020

Freeport Train 2 – Successful Start of Operations:

Commercial operations commence at Freeport LNG Train 2 and the IFM Global Infrastructure Fund moves its equity interest into Buckeye Partners.

IFM Investors (“IFM”) is pleased to inform that on 17 January 2020, Freeport LNG (“FLNG”) announced the successful start of commercial operations at its second liquefaction train (“Train 2”), in which the IFM Global Infrastructure Fund (“IFM GIF”) holds a 57.56% equity interest. Train 2’s commencement of commercial operations under the 20-year tolling agreement with BP, follows Train 1, which entered commercial operations in December 2019.

The commencement of operations after a multi-year construction phase marks a significant achievement and milestone for IFM GIF and its investors. IFM investment professionals and IFM Senior Advisors with extensive technical; construction; commercial and claims management; and insurance expertise, have actively supported the FLNG team since inception of the project to ensure its successful delivery. As of December 2019, the project has logged over 64 million workhours with an OSHA recordable injury frequency rate of 0.18 in comparison to the US construction industry average of 3.0, and the heavy and civil engineering construction average of 2.6.

On 13 December 2019 IFM GIF moved its equity interest in Train 2 to Buckeye Partners L.P. (“Buckeye”). Buckeye is a wholly owned investment of IFM GIF. The contribution of the Train 2 investment into Buckeye does not change or impact IFM GIF’s exposure to Train 2, but diversifies Buckeye by adding capabilities and experience in the LNG and natural gas sectors, and strengthens the capital structure through deleveraging of the combined investments.

Jojo Granoff
Executive Director
jojo.granoff
+1 212 784 2275

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