Cheniere and GAIL Celebrate Commencement of 20-year LNG Contract
March 05 2018 - 2:07PM
Business Wire
Cheniere Energy, Inc. (“Cheniere”) (NYSE American: LNG) and GAIL
(India) Limited (“GAIL”) today marked the commencement of their
20-year Sale and Purchase Agreement (“SPA”) to supply U.S.-sourced
liquefied natural gas to India from Cheniere’s Sabine Pass
liquefaction facility in Louisiana, with one of GAIL’s first
shipments departing from the facility.
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GAIL cargo loading at Sabine Pass, March
4. Credit: Cheniere
The ship will set sail after today’s ceremony to mark the
occasion at Sabine Pass in the presence of Cheniere President
and CEO Jack Fusco and GAIL Chairman and Managing Director
Mr. B.C. Tripathi, who were joined by Consul General Dr.
Anupam Ray, as well as representatives from Cheniere and
GAIL.
The SPA, which was signed in December of 2011, commenced
on March 1, 2018. Under the terms of the SPA, Cheniere shall
sell and make available for delivery to GAIL approximately 3.5
million tonnes of LNG per year.
“The commencement of this agreement marks the start of
a long and productive relationship between Cheniere and GAIL,”
said Mr. Fusco. “India remains an important market for
LNG, and one that we hope will continue to show signs of
growth. We look forward to decades of mutually beneficial
cooperation between Cheniere and GAIL, the leading natural gas
company of India.”
“GAIL is one of the foundation customers of Cheniere having
signed the contract in 2011. With supplies commencing from the US,
GAIL will have a diversified portfolio both on price indexation and
geographical locations,” said Mr. Tripathi. “This long term
agreement would go a long way in strengthening the relationship
between GAIL and Cheniere and reinforcing India-US trade ties,” he
added.
About GAIL:
GAIL is India’s leading natural gas company with diversified
interests across the natural gas value chain of trading,
transmission, LPG production & transmission, LNG
re-gasification, Petrochemicals, City Gas, E&P, etc. GAIL is
expanding pipeline network by 4000 kms. at an investment of over
USD 3 billion to operate over 15,000 kms by 2020. GAIL commands 75%
market share in gas transmission and has a Gas trading share of
over 50% in India. It also has a growing international presence
through subsidiaries in the USA and Singapore.
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.
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, 713-375-5492orMediaEben Burnham-Snyder, 713-375-5764
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