US EXIM Bank to Provide $14B Financing for Delfin LNG Project
During the Indo-Pacific Energy Security Ministerial (#IPEM2026) in Tokyo from 14 to 15 March 2026, the United States Export-Import (USEXIM) Bank Chair John Jovanovic announced that his bank is financing the Delfin #LNG project to the tune of USD 14 billion. A Letter of Interest (LoI), indicative financial backing by US EXIM Bank, has been issued to the project promoter, Delfin Midstream.
The Delfin Project is located off the shore of the southern state of Louisiana in the United States of America (USA). It has evolved into a multilateral partnership involving the USA, Japan, South Korea, and the EU. The decision came about when the world’s largest LNG complex of Ras Laffan in Qatar was bombed by Iran and taken offline.
The Project has been brought forward by Delfin Midstream since 2015. The company carried out the usual studies and has already received US regulatory approvals. However, it was put on ice until now due to ‘unfavorable conditions.’ The recent flare-up of the conflict in the Middle East has prompted countries to consider alternative sources of natural gas to enhance their #EnergySecurity.
Delfin Midstream has secured long-term offtake agreements from International Resources Holdings, Vitol, Hanwha, and Venture Global. The Project will adopt a Floating LNG (FLNG) plant to reduce capital expenditures and accelerate operationalization.
Samsung Heavy Industries will build the FLNG vessels, while Mitsui OSK Lines (MOL) will invest in and operate the vessels. Siemens Energy will supply the turbines, and Back & Veatch will provide the engineering services. The first phase of the Project will become operational by 2030 with an annual output of 4.4 million tonnes per annum (mtpa). Future expansion plan to push production up to 13 mtpa.
Given that the project has received state support from the US government agency, the risk profile has taken a positive turn. Final Investment Decision (#FID) is expected by the end of 2026, and construction is expected to kick off in early 2027.