Cheniere and EDF Sign 20-Year LNG Sale and Purchase Agreement - WTRF 7 News Sports Weather - Wheeling Steubenville

Cheniere and EDF Sign 20-Year LNG Sale and Purchase Agreement

Information contained on this page is provided by an independent third-party content provider. WorldNow and this Station make no warranties or representations in connection therewith. If you have any questions or comments about this page please contact pressreleases@worldnow.com.

SOURCE Cheniere Energy, Inc.

-Cheniere and EDF sign SPA for LNG sales from Corpus Christi Train 3

-EDF contracts for approximately 0.77 million tonnes per annum of LNG

-Approximately 7.65 million tonnes per annum of LNG contracted at Corpus Christi

HOUSTON, July 17, 2014 /PRNewswire/ -- Cheniere Energy, Inc. ("Cheniere") (NYSE MKT: LNG) announced today that its subsidiary, Corpus Christi Liquefaction, LLC ("Corpus Christi Liquefaction"), has entered into a liquefied natural gas ("LNG") sale and purchase agreement ("SPA") with Électricité de France, S.A. ("EDF") under which EDF has agreed to purchase approximately 0.38 million tonnes per annum ("mtpa") of LNG upon the commencement of operations of Train 2 of the LNG export facility being developed near Corpus Christi, Texas (the "Corpus Christi Liquefaction Project"), and increasing to approximately 0.77 mtpa of LNG upon the commencement of operations of Train 3. 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, EDF 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 EDF's vessels. The term of the SPA will extend for twenty years beyond the date of first commercial delivery of the third train of the Corpus Christi Liquefaction Project, with an extension option of up to ten years. Deliveries from Train 3 are expected to occur as early as 2019.

"EDF is the first foundation customer on Train 3 of our Corpus Christi Liquefaction Project being developed in Texas. EDF is a leading European integrated electricity producer and distributor, and we look forward to supplying LNG to support EDF's asset portfolio," said Charif Souki, Chairman and CEO. "We have completed contracting for the first 2 trains of the Corpus Christi Liquefaction Project and are in advanced discussions with other counterparties on finalizing additional agreements for Train 3. We expect to complete all necessary steps to reach a final investment decision and begin construction by early 2015."

The SPA is subject to certain conditions precedent, including but not limited to Corpus Christi Liquefaction receiving regulatory approvals, securing necessary financing arrangements and making a final investment decision to construct Train 3 of the Corpus Christi Liquefaction Project.

EDF Group is an integrated energy company active in all areas of the energy value chain: generation, transmission, distribution, energy supply and trading. The Group is the leading electricity producer in Europe. In France, it has mainly nuclear and hydropower generation facilities where 96.6% of the electricity output is CO2-free. EDF's transmission and distribution subsidiaries in France operate 1,285,000 km of low and medium voltage overhead and underground electricity lines and around 100,000 km of high and very high voltage networks. The Group is involved in supplying energy and services to approximately 28.4 million customers in France. EDF is listed on the Paris Stock Exchange and is a member of the CAC 40 index. Additional information on EDF can be found on its website located at http://www.edf.com.

Cheniere Energy, Inc. is a Houston-based energy company primarily engaged in LNG-related businesses, and owns and operates the Sabine Pass LNG terminal and Creole Trail Pipeline in Louisiana. Cheniere is pursuing related business opportunities both upstream and downstream of the Sabine Pass LNG terminal. Through its subsidiary, Cheniere Energy Partners, L.P., Cheniere is developing a liquefaction project at the Sabine Pass LNG terminal adjacent to the existing regasification facilities for up to six LNG trains, each of which will have a design production capacity of approximately 4.5 mtpa ("Sabine Pass Liquefaction Project"). Construction has begun on LNG Trains 1 through 4 at the Sabine Pass Liquefaction Project. Cheniere has also initiated a project to develop liquefaction facilities near Corpus Christi, Texas. The Corpus Christi Liquefaction Project is being designed and permitted for up to three LNG trains, with aggregate design production capacity of up to 13.5 mtpa of LNG and which would include three LNG storage tanks with capacity of 10.1 Bcfe and two LNG carrier docks. Commencement of construction for the Corpus Christi Liquefaction Project is subject, but not limited, to obtaining regulatory approvals, entering into long-term customer contracts sufficient to underpin financing of the project, obtaining financing, and Cheniere making a final investment decision. We believe LNG exports from the Corpus Christi Liquefaction Project could commence as early as 2018. Additional information about Cheniere Energy, Inc. may be found on its website located at http://www.cheniere.com.






Target Date



Sabine Pass Liquefaction


Corpus Christi

Liquefaction

Milestone


Trains

1 & 2


Trains

3 & 4


Trains

5 & 6



DOE export authorization


Received


Received


Received FTA

Pending Non-FTA


Received FTA

Pending Non-FTA

Definitive commercial agreements


Completed

7.7 mtpa


Completed

8.3 mtpa


T5: Completed

T6: 2014


T1-T2: Completed

- BG Gulf Coast LNG, LLC


4.2 mtpa


1.3 mtpa





- Gas Natural Fenosa


3.5 mtpa







- KOGAS




3.5 mtpa





- GAIL (India) Ltd.




3.5 mtpa





- Total Gas & Power N.A.






2.0 mtpa



- Centrica plc






1.75 mtpa



- PT Pertamina








1.52 mtpa

- Endesa, S.A.








2.25 mtpa

- Iberdrola, S.A.








0.76 mtpa

- Gas Natural Fenosa LNG SL








1.50 mtpa

- Woodside Energy Trading Singapore








0.85 mtpa

- Électricité de France, S.A.








0.77 mtpa

EPC contract


Completed


Completed


2015


Completed

Financing






2015


2014

- Equity


Completed


Completed 





- Debt commitments


Received


 Received





FERC authorization









- FERC Order


Received


Received


2014/2015


2014/2015

- Certificate to commence construction


Received


Received





Issue Notice to Proceed


Completed


Completed


2015


2015

Commence operations


2015/2016


2016/2017


2018/2019


2018/2019

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 fact, 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 construction and operation of liquefaction facilities, (ii) statements regarding our 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.

Logo - http://photos.prnewswire.com/prnh/20090611/AQ31545LOGO

©2012 PR Newswire. All Rights Reserved.