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Cheniere Energy Hits Fresh Record as Subsidiary Signs Long-Term LNG Agreement with Gas Natural Fenosa

MIDNIGHT TRADER 9:39 AM ET 06/02/14


09:39 AM EDT, 06/02/2014 (MT Newswires) -- Cheniere Energy (LNG) hit a fresh record high Monday, after the liquid-natural-gas company said its Corpus Christi Liquefaction subsidiary has entered into a liquefied-natural-gas sale-and-purchase agreement with Gas Natural Fenosa under which Gas Natural Fenosa will purchase approximately 1.5 million metric tons per year of liquefied natural gas from it.

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. The agreement has a term of 20 years, commencing on the date of first commercial delivery, plus the option for an extension of up to 10 years.

The purchase agreement will commence once operations of Train 2 from the export facility under development near Corpus Christi, Texas is completed. Currently, the estimated year of completion is 2019.

Cheniere Energy were up 0.7% in recent trading at $68.60, after hitting the new high at $68.77.

Price: 68.60, Change: +0.49, Percent Change: +0.7

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