Rio Grande LNG
Rio Grand LNG is a subsidiary of Next Decade. Rio Grande is currently in partnership with French bank Societe General who is acting as financial advisors. As financial advisors, they are advising Rio Grande LNG and arranging for multiple banks to finance the project. Through this approach, the risk is spread across multiple banks and lessens the risk of financing Texas LNG.
Next Decade has also went public and is listed on NASDAQ as "NEXT". The process did not go smooth. In February of 2018, NASDAQ notified Next Decade that it failed to meet Nasdaq requirements to continue listing its NEXT common stock on the Nasdaq Capital Market exchange. Next Decade then started trading its warrants on the OTC Pink Market under the symbol “NEXTW.” In addition, NextDecade can give no assurance that trading in its warrants will continue on The OTC Pink Market or on any other securities exchange or quotation medium. The matter was solved and on February 22, 2018, NASDAQ communicated that Next Decade met the Common Stock Listing Requirement and that the Company’s common stock will continue to be listed on The Nasdaq Capital Market under the symbol “NEXT.”
Troubling financing issues continue with Next Decade. On 06-04-2018, the Kaskela law firm announced it was opening an investigation of NextDecade on behalf of NextDecade sock holders (https://www.businesswire.com/news/home/20180604006129/en/).
Also recently in June of 2018 at their share holder meeting, as a result of only having approximately 6 months of funding left, Rio Grande LNG proposed new stock offerings to garner more funds.
Texas LNG was being funded by the biggest listed French bank BNP Paribas. In late 2017, BNP Paribas announced it was no longer going to fund shale and oil sands projects and the financing of new projects involved with the transportation of shale or oil sands projects. BNP Paribas then cut ties with Texas LNG. BNP Paribas chief executive Jean-Laurent Bonnafe was quoted through multiple media outlets, “We’re a long-standing partner to the energy sector and we’re determined to support the transition to a more sustainable world.” It is not known by Save RGV if Texas LNG is in new partnership(s) with financing their project.