off-the-wire

SocGen confirms it pulled out of Texas LNG project

Kitco Media
By Reuters
Published:
Updated:
Reuters

PARIS, March 28 (Reuters) - French bank Société Générale (SOGN.PA) has pulled out of the U.S. energy company NextDecade's (NEXT.O) Rio Grande Liquefied Natural Gas (LNG) project in Texas last year, a bank spokesperson said Tuesday.

As the project's mandated financial adviser, Société Générale had been the lead bank in the financing of some $11.5 billion for the LNG plant before exiting this role in the first quarter of 2022.

The bank's exit from the project had not been previously made public.

Without commenting on the reason for this specific exit, the spokesperson pointed to the bank's energy sector commitments to end all reserve-based lending for U.S. onshore by the end of 2023, and to only participate in financing LNG projects aligned with the bank's engagements on environmental and social governance and human rights.

NextDecade did not immediately reply to a request for comment.

Reporting by America Hernandez Editing by GV De Clercq
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