Sempra on Monday gave the green light to the first phase of the $13 billion Port Arthur LNG export project in Texas, announcing a positive final investment decision (FID) for the facility and closing the necessary financing to move ahead.

The company said it also issued a final notice to proceed with the project to its engineering, procurement and construction contractor, Bechtel Corp. The company expects both of the first phase’s two trains, with a combined capacity of 13 million metric tons/year (mmty) of liquefied natural gas, to be online by 2028.

The company also closed a joint venture that would give ConocoPhillips a 30% equity stake in the Port Arthur project and 5 mmty of offtake. Sempra also announced an agreement Monday to sell an indirect, non-controlling interest...