Cheniere Energy Inc., which has claimed a large stake in building liquefied natural gas (LNG) along the Gulf Coast, reported Friday that it had a net loss of $9.2 million (minus 18 cents/share) in the first quarter, compared with a net loss of $1.1 million (minus 3 cents) in 1Q2004.

The Houston-based company said that the “major factors” contributing to the net loss were LNG receiving terminal development expenses of $5.4 million and general and administrative expenses of $5.0 million.

In 1Q2004, the major factors contributing to the net loss also were related to LNG receiving terminal development expenses of $4.4 million (which were offset by a $1.5 million minority interest in the operations of Corpus Christi LNG LP) and general and administrative expenses of $2.9 million.

Cheniere’s working capital as of March 31 was $273.7 million compared with $305.8 million at year-end 2004. The $32.1 million decrease was attributable to debt issuance costs related to the Sabine Pass LNG terminal project financing, Sabine Pass LNG terminal construction-in-progress costs, LNG terminal development expenses, and general and administrative expenses incurred in the first quarter (see Daily GPI, March 11; Dec. 16, 2004).

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