Serrari Group

Zachry Holdings, Inc. (ZHI), the construction firm contracted to build the $10 billion Golden Pass LNG export terminal in Texas, has filed for bankruptcy. This development places the future of the high-profile project, a collaboration between QatarEnergy and ExxonMobil, in uncertainty.

Initiated in 2019, the Golden Pass LNG project is integral to QatarEnergy’s global expansion plans and ExxonMobil’s efforts to increase its LNG supply. The terminal was projected to have a production capacity exceeding 18 million tonnes annually, with operations expected to start by the end of 2024.

John B. Zachry, Chairman and CEO of ZHI, pointed to a series of disruptions as the primary causes for the company’s financial troubles. “The COVID-19 pandemic and international geopolitical issues have created significant challenges and financial strain,” Zachry stated. He noted that these factors have complicated staffing and target achievement efforts.

The bankruptcy filing under Chapter 11 will allow ZHI and its subsidiaries to restructure and seek solutions to their financial issues. Zachry emphasized that this step was necessary after unsuccessful attempts to resolve the challenges affecting the project.

ExxonMobil, which holds a 30% stake in the venture, has announced plans to reassess the construction schedule and provide updates in the near future. In 2022, QatarEnergy Trading committed to offtake, transport, and trade 70% of the LNG produced by the terminal, highlighting the project’s strategic importance.

The delay of the Golden Pass LNG terminal could impact the global LNG market, given QatarEnergy’s pivotal role and ExxonMobil’s influence in the energy sector. The project’s timely completion is crucial for meeting the growing global demand for LNG and enhancing energy security for importing nations.

Stakeholders are closely monitoring the situation, hoping for a swift resolution that will keep the project on track and ensure its significant contribution to the global LNG supply chain.

photo source: Google

By: Montel Kamau

Serrari Financial Analyst

23rd May, 2024

Share this article:
Article and News Disclaimer

The information provided on is for general informational purposes only. While we strive to keep the information up to date and accurate, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk. is not responsible for any errors or omissions, or for the results obtained from the use of this information. All information on the website is provided on an "as-is" basis, with no guarantee of completeness, accuracy, timeliness, or of the results obtained from the use of this information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.

In no event will be liable to you or anyone else for any decision made or action taken in reliance on the information provided on the website or for any consequential, special, or similar damages, even if advised of the possibility of such damages.

The articles, news, and information presented on reflect the opinions of the respective authors and contributors and do not necessarily represent the views of the website or its management. Any views or opinions expressed are solely those of the individual authors and do not represent the website's views or opinions as a whole.

The content on may include links to external websites, which are provided for convenience and informational purposes only. We have no control over the nature, content, and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorsement of the views expressed within them.

Every effort is made to keep the website up and running smoothly. However, takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.

Please note that laws, regulations, and information can change rapidly, and we advise you to conduct further research and seek professional advice when necessary.

By using, you agree to this disclaimer and its terms. If you do not agree with this disclaimer, please do not use the website., reserves the right to update, modify, or remove any part of this disclaimer without prior notice. It is your responsibility to review this disclaimer periodically for changes.

Serrari Group 2023