In 2013 specifically, we delivered strong performance against our operational and corporate performance goals and significant progress towards our strategic business plan. Significant achievements included:
•Continued Construction of Trains 1 and 2 at the Sabine Pass LNG terminal—Construction of Trains 1 and 2 at the Sabine Pass LNG terminal is within budget and ahead of schedule. Overall project completion as of December 31, 2013 was 54%.
•Completed Financing and Started Construction of Trains 3 and 4 at the Sabine Pass LNG terminal—In May 2013, we completed the financing for and commenced construction of Trains 3 and 4 at the Sabine Pass LNG terminal. The financing for Trains 3 and 4 was completed at favorable rates and no additional equity was issued. Overall project completion as of December 31, 2013 was 20%.
•Furthered Development of Trains 5 and 6 at the Sabine Pass LNG terminal—We made significant progress on the development of Trains 5 and 6 at the Sabine Pass LNG terminal. We commenced the regulatory approval process for Trains 5 and 6 in February 2013. In March 2013, Sabine Pass Liquefaction entered into an LNG SPA with Centrica plc (“Centrica”) that commences upon the date of first commercial delivery for Train 5, which together with the LNG SPA entered into with Total Gas & Power North America, Inc. (“Total”) in December 2012 provides us the commercial contracts for five Trains at the Sabine Pass LNG terminal.
