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09 19, 2012 by Bloomberg
Cheniere Energy Inc. (LNG) will sell as much as 90 percent of the output from its liquefied natural gas project in Corpus Christi, Texas, under long-term contracts.
The planned Corpus Christi site will produce 13 million to 15 million metric tons a year of LNG, Charif Souki, chief executive officer at Houston-based Cheniere, said today in an interview at a natural gas conference in Tokyo.
The company plans to follow the contracting model established at its Sabine Pass terminal in Louisiana, Souki said. Sixteen million tons of LNG from Sabine Pass, from a total output of 18 million tons, will be sold on long-term contracts of as long as 20 years, with the rest to be offered on the spot market, he said.
“Those are the volumes that we’re not sure we can produce year after year so these will remain in the spot market,” he said. The first spot cargoes from Sabine Pass will reach the market in late 2015 or early 2016, he said.
Cheniere’s Sabine Pass site is the first in the contiguous U.S. to be able to export LNG. The project is expected to cost about $5.6 billion.
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