Cheniere Announces LNG Sale and Purchase Agreements with China National Petroleum Corporation
February 09 2018 - 8:30AM
Business Wire
Cheniere Energy, Inc. (“Cheniere”) (NYSE American: LNG)
announced today that it has entered into two liquefied natural gas
(“LNG”) sale and purchase agreements (“SPA”) with China National
Petroleum Corporation (“CNPC”).
Under the SPAs with Cheniere’s subsidiaries, Corpus Christi
Liquefaction, LLC and Cheniere Marketing International LLP, CNPC
subsidiary PetroChina International Company Limited will purchase
approximately 1.2 million tonnes per annum of LNG, with a portion
of the supply beginning in 2018 and the balance beginning in 2023.
The term of each SPA continues through 2043. The purchase price for
LNG will be indexed to the Henry Hub price plus a fixed
component.
“We are pleased to announce these LNG contracts with China
National Petroleum Corporation, an important global energy player
in one of the largest and fastest growing LNG markets worldwide,”
said Jack Fusco, Cheniere’s President and CEO. “These long-term
SPAs build upon the Memorandum of Understanding we signed in
November, and we look forward to a successful long-term partnership
with CNPC. We expect these agreements to support the development of
Corpus Christi Train 3, and we are now focused on completing the
remaining necessary steps to reach a final investment decision
later this year.”
About Cheniere
Cheniere Energy, Inc. is the leading exporter of U.S. liquefied
natural gas. Cheniere is currently operating and constructing its
Sabine Pass LNG facility in Louisiana and is constructing a second
liquefaction facility near Corpus Christi, Texas. When both
projects are complete, Cheniere is expected to be a top-5 global
supplier of LNG. Cheniere’s LNG is based on natural gas sourced
from the robust, transparent, and liquid U.S. market, which
provides access to abundant and low-cost gas
resources. Cheniere is a full-service LNG provider, sourcing
gas for its facilities and allowing customers to load cargoes at
Cheniere’s LNG facilities or receive them at regasification
facilities around the world. To date, approximately 300 cumulative
LNG cargoes have been exported from the Sabine Pass LNG facility.
Cheniere is based in Houston, Texas, and has additional offices in
London, Tokyo, Washington, Singapore, Santiago and Beijing.
For additional information, please refer to the Cheniere website
at www.cheniere.com and Quarterly Report on Form 10-Q for the
quarter ended September 30, 2017, filed with the Securities and
Exchange Commission.
About CNPC
China National Petroleum Corporation, based in China, is the
world’s 3rd largest oil company and China’s largest oil and gas
producer and supplier. CNPC has interests in oil and gas assets in
more than 30 countries. CNPC contributed more than 70% of China’s
natural gas supply in 2017. CNPC owns and operates 3 LNG receiving
and regasification terminals in China and is in the advanced stages
of developing additional facilities in China for the import of
additional LNG.
Forward-Looking Statements
This press release contains certain statements that may include
“forward-looking statements” within the meanings of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. All statements, other than statements of
historical or present facts or conditions, included herein are
“forward-looking statements.” Included among “forward-looking
statements” are, among other things, (i) statements regarding
Cheniere’s business strategy, plans and objectives, including the
development, construction and operation of liquefaction facilities,
(ii) statements regarding expectations regarding regulatory
authorizations and approvals, (iii) statements expressing beliefs
and expectations regarding the development of Cheniere’s LNG
terminal and pipeline businesses, including liquefaction
facilities, (iv) statements regarding the business operations and
prospects of third parties, (v) statements regarding potential
financing arrangements and (vi) statements regarding future
discussions and entry into contracts. Although Cheniere believes
that the expectations reflected in these forward-looking statements
are reasonable, they do involve assumptions, risks and
uncertainties, and these expectations may prove to be incorrect.
Cheniere’s actual results could differ materially from those
anticipated in these forward-looking statements as a result of a
variety of factors, including those discussed in Cheniere’s
periodic reports that are filed with and available from the
Securities and Exchange Commission. You should not place undue
reliance on these forward-looking statements, which speak only as
of the date of this press release. Other than as required under the
securities laws, Cheniere does not assume a duty to update these
forward-looking statements.
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Cheniere Energy, Inc.InvestorsRandy
Bhatia: 713-375-5479Megan Light: 713-375-5492Media RelationsEben Burnham-Snyder:
713-375-5764
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