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June 2, 2014
08:31 EDTLNGCheniere Energy and Gas Natural sign 20-year sale and purchase agreement
Cheniere Energy announced that its subsidiary, Corpus Christi Liquefaction, has entered into a liquefied natural gas sale and purchase agreement with Gas Natural Fenosa LNG SL under which Gas Natural Fenosa has agreed to purchase approximately 1.5M tonnes per annum of LNG upon the commencement of operations of Train 2 from the LNG export facility being developed near Corpus Christi, Texas. The Corpus Christi Liquefaction Project is being designed and permitted for up to three trains, with aggregate design production capacity of 13.5 mtpa of LNG. Under the SPA, Gas Natural Fenosa will purchase LNG on a free on board basis for a purchase price indexed to the monthly Henry Hub price plus a fixed component. LNG will be loaded onto Gas Natural Fenosa's vessels. The SPA has a term of twenty years commencing upon the date of first commercial delivery of the second train of the Corpus Christi Liquefaction Project, with an extension option of up to ten years. Deliveries from Train 2 are expected to occur in 2019.
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