Cheniere pens LNG deal with Pertamina

Cheniere pens LNG deal with Pertamina

Cheniere’s unit Corpus Christi Liquefaction has entered into a liquefied natural gas sale and purchase agreement with Pertamina under which the Malaysian company has agreed to purchase approximately 0.76 million tonnes per annum of LNG upon the commencement of operations of Train 2 of the LNG export facility being developed near Corpus Christi, Texas.

The SPA is in addition to the previously announced SPA under which Pertamina will purchase approximately 0.76 mtpa of LNG, bringing the total quantity of LNG sold to Pertamina under the two agreements to approximately 1.52 mtpa. 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, Pertamina will purchase LNG on a free on board (FOB) basis for a purchase price indexed to the monthly Henry Hub price plus a fixed component. LNG will be loaded onto Pertamina’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.

“This SPA represents additional LNG volumes contracted with Pertamina at our Corpus Christi Liquefaction Project. We look forward to supplying LNG to Indonesia as the country transitions to an LNG importer to meet their growing energy needs,” said Charif Souki, Chairman and CEO.

“To date we have entered into SPAs aggregating approximately 7 mtpa of LNG volumes, completing our long-term contracting for the first two trains of the Corpus Christi Liquefaction Project. We expect to complete all remaining necessary steps to reach a final investment decision and begin construction by early 2015,” concludes Souki.

Press Release, July 1, 2014; Image: Cheniere

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